Nifty Futures Intraday Trading Report June 30, 2011


I expected a volatile and choppy session for the day since it was the expiry date for the june futures contract. Keeping in tune with traditions, the contract was moving aimlessly throughout the small range of 30+ points. 5625 served as a major resistance level for the day because the contract made numerous attempts to go past 5625, only to be pushed back to 5610 – 5620 levels.

Choppy days = losses for trend following traders such as me. To add to the owe, my trading terminal was acting up the entire day. For instance, when I placed a stop short limit order at 5625, the order got fulfilled at 5626. I do not understand the underlying error that caused this to occur. Such instances were quite rampant today. This coupled with the choppy session lead to even more losses.

I did two successful trades today. The first one was a short in between 5630 and 5620; which I covered back in between 5610 and 5620.

During the last half hour, the scenario began to change. The contract began to scale higher points. I had entered long in between 5620 and 5630. The trade was squared off by the system in between 5650 and 5660.

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