We are posting intraday trading call on nifty future, we advice traders to go short on nifty future near 5350 level for intraday trading target as 5320, placing stop loss orders just above 5360 level. Yesterday US FOMC meeting showed that no further easing was needed for US economy to propel growth, which increased demand for USD looking at sentiment index we see retail traders sentiment has changed from long on USD to short on USD as sentiment index is contration indicator we see further strength in USD across different global currencies. Also we saw 100 pip fall in EURUSD and GBPUSD also fell by same percent, Indian Rupee also saw a hit in today’s trade down about 38 paise against US dollar. So due to global weakness we are advising traders to trade short on nifty future for today’s trading session. Services PMI for India also came below expectation and nifty future traders are not going to digest it any time soon, hence we may see near term correction in nifty future, with trend still in sideways. Even technical analysis is suggesting of adding fresh short positions.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
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