Sell Nifty Future near 4700 Level, Next Week Target 4550 Level

We are not in a bullish market and this is just a pullback in the down trend, hence taking a use of technical indicator such as Slow Stochastic we will time our exact short entry on nifty future. Watching open interest data we have seen current month future contracts adding more than 40 lakh shares in open interest. In today’s trading session nifty was unable to surpass 4700 level, also intraday chart suggest us nifty future was seen trading near 4690 level with higher volumes. This can be confirmed that today’s position were on short side in nifty future. So even we are going short on nifty future around 4700 level, we have next week target of 4600 and then second target of 4550 level. High risk traders will have to place stop loss orders around 4755 level. On charts 4730 is resistance (previously served as resistance) so our stop loss is placed above this level, this is where our trade idea will be invalidated and that would be the time to exit. Even positions on nifty options can be taken by simply buying some nifty 4700 put option for gain of about 30%. Today GDP data from US was released and it came lower than expected so we will be seeing global selling next week.