VOLATILE EXPIRY SESSION FOR NIFTY.
Nifty Futures Opened Flat to negative on back of Asian Cues. It opened the day @ 5088 down almost 25 points. It made a brief attempt towards 5100 area ,in the process made a high of 5108. But then the chinese news and expiry day lead to some heavy selling pressure. Nifty futures closed below 5000 mark @ 4980 (Dec).
Nifty futures could not break pass the 5150 - 5180 zone despite several attempts.In the process, it fell below 5050 area and a lot of sell stops got trigerred. The only hope for nifty futures is 4920 area. A close below this will end any chance of recovery. on the upside, there is stiff resistance point @ 5140 area.
Our view on Nifty futures has changed from positive to neutral. The closing below 5000 mark is not positive and leaves room to sell off near 4920 zone. And a close below 4920, could take nifty all the way down to 4550 zone. On the upside , nifty has to break pass 5150 - 5180 zone to show renewed strenght. The nifty is now caught in a range of 4930 - 5180.
Our closed trade for today:
NIFTY:
BOUGHT @ 5074 (20.11.09) - SOLD @ 5049(26.11.09) = LOSS 12,500/- ( 500 NIFTY )
STOCK: ( 1 LOT )
EDUCOMP: BOUGHT @ 756 (23.11.09) - SOLD @ 740.80 (26.11.09) = LOSS 5700/-
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