Hi all,
As expected Nifty continued its journey on
the upside and trading strongly currently with gains of more than 150 points.
However, thought of sharing one observation,
as Nifty started scaling new intraday highs, the futures gave away its premium
and now trading at a steep discount of around 20 points, may not be a bearish
sign without any other Derivatives confirmation, however surely can be an alarming sign and an
indication to move trailing stop losses closer for the long trades.
On daily charts Nifty managed to fill the
gap between 7323-7363 by creating a high near 7380, however as mentioned
earlier in the morning did not surpass the resistance area near 7370-80, it
would be advisable now for Nifty to close above 7370 mark for further upside.
Cheers
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