Nifty Futures Morning Call
11AM...Nifty Futures opened the day at 3963 against its previous close of 3993, and is currently trading at 3936. It has so far recorded a HIGH of 3963 & a LOW of 3926. Asian cues are negative, US futures are in deep red, and further direction of nifty now depends on European cues. The day will be very volatile with the difference between day's low & high going beyond 150 points. I expect NF to breach its current low in the morning session, and to break its current high in the afternoon session. NF is likely to trade today in the range of 3890-4050.
Trading Calls
1. Intraday Stock Call: 1.14PM... BUY SESA GOA now 181. SL 176. Target 193.
2. NF Trading Call: 1.47PM... NF now at 3949. Go LONG. SL 3904. Target 1 - 3999. Target 2 - 4029.
Result: Due to high volatality, both the trades were squared off, Sesa Goa at 183.90 & NF at 3951.
NIFTY OUTLOOK
Nifty had a highly volatile trade today, found support just above 3900, and closed the day at 3974, down 30 points. FIIs net sold 559cr & DIIs net bought 742cr. Nifty has now lost 450 points in the last 6 trading days, and a bounce back regaining 4000+ level is very much on the cards.
Nifty levels for 14.07.09 Tuesday are: PIVOT 3965, R1 4012 & R2 4050, S1 3927 & S2 3881.
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