Hi All,
One more observation
Nifty future had slipped in to discount in
yesterday’s trading and was in discount even at the close and opening trades
today. However, now the Nifty future again started to trade in premium again, it
can be a very interesting observation as I have seen this happening at the
short term bottoms at least.
Still, we will not jump on conclusion unless
we have any other significant reason to start searching for a bottom, but keep
this point in mind.
Because of the Nifty future development we
will not it as a complete bearish bias and we will trade based on support and
resistances according to chart confirmations
Nifty fell sharply from the resistance near 7400, and took support near higher
end of yesterday’s trading range near 7330. Aggressive traders can go long with
a stop loss below 7300. On a conservative side, a buy trade can be initiated
above 7400.
Further intraday up move can be expected
above 7355-60 levels....
Cheers
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