In yesterday's trading, Nifty Future did not open strong as expected. Instead, it ended up trading in a narrow range of just 37 points (High 6332 & Low 6295) and closed at 6308. Thus Nifty Future has remained listless and giving no direction.
In view of the above, I would caution not to become too bearish too early, because we still remain in the bull grip and hence after a few days of sideways movement, Nifty Future may continue the upward march. At this stage, I would like to remind the readers that we have made a new top only in Nifty Future that too due to higher premium over the spot and to mark the festival mood during the muhurat trading. Neither Nifty Spot nor Sensex has been able to achieve this milestone as yet and considering the set up, the possibility of Nifty Future attempting 6400 can not be ruled out.
I would maintain my yesterday's guidance of going long only above 6360 with stop loss of 6330 and target of 6400.
Short position may be taken below 6290 with stop loss of 6340. On the down side it will find support at 6250 and 6200.
What is stated above, may not give you trades (and therefore less excitement/anxiety), but in my view, it will be better to sit on the side lines, when market is in a narrow range.
All the best.
All the best.
