NIFTY Futures is experiencing some heavy Volitility due to Local Earning season & Global Cues. Thursday, Dow was UP approx 200 points and Yesterday is down 250 points. This has to have a negative impact on Monday Openings.
Friday, We opened on a very positive note UP almost 95 points @ 4845. It made an high of 4862 in the early part of trading, that was almost the high point of the Day. Nifty met with heavy selling pressure and closed near the Low point of the day @ 4695.
The Selling momentum seems to continue for now.On Monday we could see another Gap down open to 4650 Area.The only downside support for Nifty is 4575 Area , where its bound to take a breather and go in a correction towards 4900 Area. On the upside, there is a trendline resistance @ 4900 Level.
We are Bearish on Nifty Futures. We have mentioned Earlier that Nifty is likely to touch our medium term target of 4575,But this is going to happen sooner than later.There is a huge downward momentum for nifty at present.On the upside, the support zone of 4900 Area is going to act as a heavy resistance for now. Nifty has to close above 4900 area to bring back the Bulls.
Our closed stock futures trade for Friday(31.10.2009):
BajajHind: Sold @ 212.20 (29.10.2009)—–Bought @ 192 (30.10.2009)=== Profit 28785/-
Suzlon : Sold @ 73.20 (30.10.2009)——Bought @ 66.20 (30.10.2009)==Profit 21000/-
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