Nifty future is trading near 5140 level, where it found support in last few trading sessions. My trading analysis suggest me that there is support level at 5140 on nifty and nifty future still holding above this level trader can open fresh long position on nifty future around 5140 – 5150 for intraday target as 5180 and 5195 level. Stop loss order placed few points below 5125 level, I would place stop loss at 5130 level. If we look at nifty options open interest data, we will see that nifty 5100 put option has maximum open interest today. Hence, we must see buying coming in nifty future at lower support levels.
Fundamental news today:
Today US will be releasing its NFP (Unemployment data) for April month, traders are not advised to carry position to next week. This fundamental news is most watched news even in US and other global economy, It is expected that fresh jobs were created in US. Anyways let us see what happens there, those who are interested, NFP April data will be released at 6:00 PM IST (Indian Standard Time). US unemployment rate is expected to be 8.2%, any surprise in this data will have direct impact on all global markets on Monday next week.