Nifty future after closing above 4800 level, has changed traders sentiment to bullish and we believe this sentiment will bring back broad based buying in nifty future. So technical analysis traders will wait for pull back to enter the market, therefore any pull in nifty future will attract huge buying interest. Even we will be looking to add long positions near 4820 level as this level is very important we will be leveraging this trade and buy in large quantities. All the profits must be booked at these levels 4900 and 4950 level, traders may even follow the trade if it still continues to move higher for target of psychological 5000 level. As 5000 level being resistance previously, most of the selling pressure will be in form of profit booking and we don’t believe there will be any short position addition to open interest. ADX indicator is showing that we are in trending market and uptrend will be followed in short term. Being an F&O expiry week, markets may trade with high volatility we advice traders to follow their trades closely.
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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