Nifty Futures Critically Poised Again
- Nifty ended up with losses on all five days of the previous week and finally closed at the lower end of the present trading range. However, trading was still confined to the month old narrow trading range of 5750 to 5950.
- Some four weeks back we had opined that some sideways trading or a consolidation was the preferred short term view. Since then, Nifty futures kept itself mostly inside the narrow trading range.
- It is still impossible to take a view about the break out direction from the arrow trading range. Moreover, as the market has made losses in succession for five days some positive closing or short covering may be imminent. As such, traders may look for partial booking of profits or hedging of short positions at the lower end of the narrow trading range at the 5700 - 5750 range.
Nifty Futures - Intra-day Chart
Nifty Futures - Daily Chart
