Nifty Futures Dec.2009 Trading Strategy 02/02/2010
Commentary:
Indian market opened weak but recovered later and moved in the positive
zone. After trading in a choppy session, SENSEX closed at 16356, down 1
point and Nifty at 4899, up 17 points from the previous close. CNX
MIDCAP index was up 1.93% and BSE SMALLCAP index was up 2.72%.
IT and BANKING STOCKS faced major profit booking in the later session.
Top gainers included WIPRO, TCS, TATAMOTORS, GRASIM, M&M,
GAIL, IDEA, BPCL and JINDALSTEL while top losers are listed as HUL,
SBIN, NTPC, ITC, TATAPOWER, RELCAPITAL, HDFCBANK, and NTPC.
NEXT SESSION……..
In the next session we expect selling pressure at higher levels. BANKING
STOCKS may face major selling at higher levels. TRADERS are
suggested to follow the strategy of selling at higher levels and be cautious
in long positions. NIFTY has resistance at 4964 and support at 4850 and
4815. It is suggested to exit from all long positions if nifty trades below
4744 level.
BUY Nifty FEB-2010 Future above 4901 with stoploss above 4962 and waiting for Intraday Targets 4938 and 4955.
(Updated on 01/02/10 10:00PM)
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