MTECHTIPS:INTRADAY TRADING ANALYSIS FOR NIFTY FUTURE
Nifty jan expiry future today closed at 5955 with gains of 25 points or 0.42%.today nifty future with flat opening made low at 5930 and high was 5960 and closing is near todays high point.very narrow range of 30 points with almost 1% drop in open interest look like short covering still left in market.nifty spot closed at 5908. as given trader must hold shorts here and what going on is consolidation with range bound movement .today moves is due to indicators bounce back from oversold state. on upside 6010 is revised stoploss for positional traders while intraday traders can go short in 5960-5980 with same stoploss and expect downside targets of 5900-5850.if nifty jan future closed above 6035 which was last high point then we may see jan series with rally of 150-200 points? option traders must buy on decline in nifty 5900 or 6000pe with same stoploss and targets.
Nifty future stay short with revised stoploss of 6010
intraday traders go short in between 5960-5980
on downside targets will be 5900-5850.
option traders buy nifty 5900/6000 put option on decline.