Today’s intraday trading pick is on tata steel stock, which is already trading weak, down by about 2.4%. I would suggest intraday traders to short sell tatasteel around 396 for targets as 390 and then 387, while placing targets for this trade around 398 zone. Global demand for steel has seen a bit of slowdown as euro-zone crisis has emerged again and spoiling the risk rally again this year. Today most of the global markets were trading in red, Hang Seng, Nikkie, straits all Asian peers were trading with heavy losses in afternoon trade.
Where will Nifty Future move:
Being specific to index future, I see nifty future is trading at an important support level and may see some pullback in nifty future before a new side leg opens. All the short sellers in nifty future be ready to take profit off the table on short trades. However I will not speculate on to trade this pullback, but yes every bounce is now a opportunity to short sell nifty future. Become market expert by learning technical analysis.