Nifty future has saw profit booking in last few trading sessions, but still medium term trend remains bullish. As Nifty future is firmly trading above psychological 5200 level, this level will be support for near term. Tomorrow is F&O expiry and I am seeing highly volatile session, trading is not recommended but if you are still interested then you can take advantage of Expiry trading strategies. Nifty future is more likely to remain range bound tomorrow,but you can still trade long on bank nifty as today it has started to outperform nifty future again. I am still waiting for next up move in Nifty future before taking long positions in bank nifty future. Today US GDP data was released and was higher than last one, it came at 1.7% verses 1.5%, So we may consider global markets to resume its rally very soon.
Trade for August F&O expiry: Trade long on Nifty future only above 5310 target must be 5335, stop loss below 5295. Now here I have used tight stop loss and small target, due to expiry. Article published on 29 August 2012.