MTECHTIPS:INTRADAY TRADING ANALYSIS FOR NIFTY FUTURE
Nifty dec expiry future today closed at 5949 with gains of 27 points or 0.44%.nifty future still trending higher and today with gap up opening nifty dec future made high of 5958.while todays low was 5928.nifty future today given 30 points volatility and 3.49% open interest build up.today nifty spot closed at 5900. on intraday hourly chart,nifty dec future trend and momentum still bullish but as we giving since last 3 sessions.indicators are in overbought positions and nifty future facing strong supply on every rise.after FDI vote we expect sell on new rally or profit booking.so still suggesting follow sell on rise strategy as indicators still overbought. now on chart below 5930 we expect fall upto 5865 to 5830 on downside.for global markets also ,usd cliff problem may hurt investor sentiment and support dollar index which likely to get converted into sell off ahead??
Nifty future stay short and follow sell on rise strategy in nifty future
with stoploss above 5970 spot and expect 5865 to 5830
levels in future till end of this week.
option traders accumulate in nifty 5900-6000PE.