Nifty future on daily chart was seen testing the all time high level of 6333 many times, but every time it was rejected from that area. This gives us an idea that, market participants are not seeing fresh all time high any time soon. So we have seen, selling at those higher levels in nifty as well as in bank nifty futures. Banking and real estate stocks were the major dragsters in this sell off. ... [Continue Reading]
Mcdowell-n is trading at trendline resistance, Selling is more likely
Stock has been the best out-performer in F&O stocks, as its has given more than 90% return in last 3 months. But as the monthly chart suggest me stock is near the trend line resistance which is around 1290 - 1300 region. So some selling in this stock is expected in the near term, also stock has shot up very sharply so some profit booking in form of selling will soon be seen. My trading ... [Continue Reading]
Next Strong Resistance for Nifty futures at 4960 level, Short Selling Opportunity
Nifty future last week bounced from very good support level, but this bounce was a technical bounce and fundamentals had not changed at all. I am still of the view that nifty will be add some selling pressure around 4960 levels as level being strong resistance here. In the below chart the retracement of November 2010 high to low of December 2012, 23.6% level falls at 4967. Also retracement from ... [Continue Reading]
Intraday Trading Pick: Short Sell Tatasteel, Nifty Future near support
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 ... [Continue Reading]
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 ... [Continue Reading]