GDP data has been released today and we have seen big selling just after the releasing the data. Street was expecting a figure around 7.5% but data that came in was at 6.9%, a way below expectations. Lots of short positions on nifty future were added to open interest in today’s trading session. Nifty Put options have seen huge unwinding of position, hence hinting further fall in nifty future. There was 15% jump in open interest post this fall, majority of positions that were added today were short positions. Nifty future will now try to test its support of 5200 level and some relief rally or short covering would be triggered there. For now every pull back is selling opportunity, as trend on weekly chart is down even DJIA and S&P500 are bearish. Sell nifty future will be trader’s choice for short term.
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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