Nifty Futures Intraday Trading Report July 27, 2011

A good share of traders missed the down-move that occurred in the nifty future contract’s value yesterday. They were more than willing to short like anything on this day – so that they could recreate what happened on the previous day. The other Asian indices were also trading meekly; what more does an average day-trader in India need to keep on holding to his / her short trades?

Despite opening 5570 – 5580 range, the value of the contract began to dwindle in no time. Initially, I had entered long in between 5570 and 5580. Although, the technicals were showing a potential for huge up-side movement, the exact reverse occurred. Keeping a 10 point stop loss helped me to bail out of the losing trade.

Then again, I entered long in between 5520 and 5530. The contract touched 5560 levels before settling down. The last long trade got squared off in between 5540 and 5550.


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