Running Views on Nifty Futures
11AM...Nifty Futures opened today at 4074 against its previous close of 4067, and is now currently trading at 4071. It has so far recorded a HIGH of 4100 & a LOW of 4055. Asian cues are mixed, US futures are in green, and European markets may open in positive today after 5 days of losses. Nifty is likely to trade indecisively just above & below its previous close for 2-3 hours of trade, after which it is likely to fall into positive decisively & close the day in positive. NF is likely to trade today in the range of 4020-4170.
11.47AM...NF now at 4042. Go LONG. SL 4009. Target 1 - 4092. Target 2 - 4129.
12.15PM...European markets are expected to open in positive with 0.4% gains & US futures too have gained from its morning levels. NF is now at 4076.
12.54PM...NF is now at 4094. Target 1 (4092) of my 11.47AM call is thus achieved.
1.30PM...NF has broken its morning high of 4100 by recording a new high of 4106, and is now at 4098. NF is facing tough resistance above 4100 level. European markets are trading in positive.
2.00PM...Selling pressure above 4100 has pulled down NF even till 4069. NF now at 4088.
3.00PM...Despite positive global cues, bulls are unable to fight with bears, and are confronted with heavy selling at every rise near 4100. NF is now at 4082. In view of this, Target 2 (4129) of my 11.47AM call is now revised to 4117.
3.30PM...Nifty futures closed the day at 4075, up 8 points.
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TODAY'S TRADING CALLS
1) 11.20AM....Intraday Stock Call: BUY ABAN LLOYD now at 676. Target 719. - The stock reached maximum to 717.90.
2) 11.47AM...NF Trading Call: NF at 4042. Go LONG. SL 4009. Target 1 - 4092. Target 2 - 4129. NF reached maximum to 4109.
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NIFTY OUTLOOK
Nifty achieved its near term target of 4050 indicated by me since last week by touching a low of 4039 today, and closed the day after highly volatile trade just flat at 4081, up 2 points. FIIs net sold 545cr & DIIs net bought 578cr. The steam of FIIs selling is evaporating with net sales for last 4 days reading 1483cr, 921cr, 828cr & 545cr. The near term target for nifty is now fixed to 4300, with its short term target getting revised to 3800.
Nifty levels for 10.07.09 Friday are: PIVOT 4079, R1 4117 & R2 4153, S1 4042 & S2 4003.
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