MTECHTIPS:INTRADAY TRADING ANALYSIS FOR NIFTY FUT
Nifty dec expiry future today closed at 5888 with loss of 27 points or –0.45%.today nifty future with gap down opening remained under pressure all day. today nifty future hit low of 5881 while high was 5907.total 26 points narrow range in intraday with bearish momentum.open interest also shed by 0.16% on profit booking ahead of monitory policy.nifty spot today closed at 5857.on hourly chart,nifty trend is down but indicators now in oversold state and that defiantly going to trigger short covering in market.
for tomorrow we suggest to stay long for targets of 5950 to 5980 on surprise from rbi?on downside 5850-5840 is last breakout point and remain as stoploss for long positions in nifty.any disappointment and bad news may take nifty spot below 5800 on sharp selling so stoploss must followed strictly for all longs.
option traders can buy nifty 5800ce on decline to minimize risk.
hold long view on buy on decline with stoploss below 5840
for targets of 5950-5980 in 1-3 days view.
if slips below 5800 then possibly correction
may continue on dip downside?