Nifty Future Finding it Tough to Hold on to Gains ?
As expected, Nifty Futures opened higher at 6025 and within a short time of trading, it went above the 6030 reference point. It seemed that Nifty futures may trade higher in the process of testing the highs. However, the markets seemed to be stalling just above the 6030 mark, with lack of enthusiasm to trade higher indicated by low volumes. After spending almost an hour above the 6030 mark, the Nifty contracts traded below the 6030 mark. Till around the 1.30 PM mark, trading remained inside a narrow range just below the 6030 level . However, when the European markets opened and later traded mildly in to the negative territory, Nifty future too started to trade lower. The market heavy weight stock, Reliance seemed to be leading the ensuing fall on the back of news related to some cost escalation in the gas production business. Banking sector also seemed to be making losses for the day. Nifty futures recorded a low of 5977 in the mid afternoon mini sell off. However, the selling stopped before the futures pierced the previous day's low of 5970. The contracts recovered some of the losses and closed for the day at 6012.
Nifty Futures - Intra-day Chart
