Running Views on Nifty Futures.
11.15AM...Nifty Futures opened today gap down at 4135 against its previous close of 4191, and is currently trading at 4070. It has so far recorded a HIGH of 4148 & a LOW of 4053. Asian cues are negative, US futures are in red, and European markets are likely to open in red today tracking the negative global sentiments. So a bearish day is in front of us, with very less chances of the current high of 4148 getting broken, and good possibility of the current low of 4053 getting breached further. However, a late session rally is very much on the cards, and so cover your shorts well before 2PM. NF is likely to trade today in the range of 3970 - 4160.
12.15PM...NF after touching a low of 4053 has been trading range bound for the last one hour, waiting for direction from European markets, which are expected to open in red today. NF is now at 4075.
1.00PM...NF has recovered above 4100 and is trading at 4110. European markets have opened in red but may recover to green as US futures have fallen into green.
1.30PM...NF after falling below 4100 & trading below 4100 for quite some time, is now at 4101. European markets are trading in red & US futures too are in the process of falling into red from green. NF may start falling towards its morning low of 4053.
2.30PM...NF after steeply falling in the morning, has been trading range bound so far, and is now at 4099.
3.30PM...Nifty futures after a full day of range bound trade, closed the day at 4065, down 126 points. Morning high of 4148 & low of 4053 remained the high & low of the day.
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NIFTY OUTLOOK
Nifty had a gap down opening today, fell to a low of 4061 almost achieving the near term target of 4050 indicated by me in my earlier reports, and closed the day at 4079, down 123 points. FIIs net sold 828cr & DIIs net bought 594cr. Nifty has now fallen by more than 400 points in 3 trading days from its intraday high of 4479 recorded on 6th to its today's intraday low of 4061, and nifty is likely to bounce back by 150-200 points in the next few days, before starting its downward journey again to achieve its short term target of 3700.
Nifty levels for 09.07.09 Thursday are: PIVOT 4114, R1 4167 & R2 4255, S1 4026 & S2 3973.
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