NIFTY FUTURES OPENED ABOVE THE CHINA WALL LEVEL OF 6070 TO 6074 AND THE MOMENT IT REACHED THE GIVEN FUTURES LEVEL OF 6080 INTRADAY BUYING COUPLED WITH SHORT COVERING STARTED THAT PROPELLED NIFTY TO A DAY HIGH OF 6107 BUT ONLY TO FALL BY THE END OF DAY TO CLOSE AROUND 6086 FUTURE LEVELS AFTER MAKING AN INTRADAY LOW BETWEEN 6070 TO 6075 FUTURE LEVELS. FOR WEDNESDAY 24TH JULY NIFTY FUTURE FACES THE VULNERABILITY OF A SLIDE TOWARDS TUESDAY’S LOWS OF 6070 INITIALLY, HOWEVER AS LONG AS 6065 TO 6060 FUTURE LEVELS IS HELD BY THE BULLS NIFTY WILL AGAIN TRY TO MOVE UP TO RETEST TUESDAY’S HIGH OF 6107 .
FOR INTRADAY TRADING OF NIFTY FUTURES, OTHER THAN THE INITIAL ERRATIC MINUTES, IN CASE 6065 TO 6060 DOES NOT HOLD THEN BEARS WILL BE IN FULL FORCE TO PULL NIFTY DOWN TOWARDS 6050, 6040 OR EVEN 6020 TO HAND IT OVER TO THE BULLS AGAIN FROM HERE ON . HOWEVER IN CASE 6065 TO 6060 HOLDS THEN NIFTY FUTURE MAY MOVE UP TO THE BEARS’ SHORT COVERING POINT OF 6112 TO 6115 FUTURE ZONE AND IF 6112 TO 6115 IS DECISIVELY BREACHED THEN IT MAY SEE NIFTY FUTURES MOVING UP TOWARDS 6125 TO 6133 ZONE FOLLOWED BY EVEN 6150 FUTURE LEVELS TO GIVE A SLEEPLESS NIGHT TO THE SHORT POSITION HOLDERS WHO MAY WORRY AS TO WHAT WILL HAPPEN ON THE EXPIRY DAY. SIMILARLY A SLIDE BELOW 6020 FUTURE LEVELS MAY KEEP THE BULLS ON TENDER HOOKS FEARING FURTHER FALLS ON THE EXPIRY DAY. AUGUST FUTURES WITH HIGH PREMIUM TO JULY ALTHOUGH IS A SIGN OF BULLISHNESS FOR NOVICE TRADERS, YET IT IS HIGHLY DECEPTIVE THAT TOO DURING THE DEVASTATING MONTH OF AUGUST .
FOR INTRADAY TRADING OF NIFTY FUTURES, OTHER THAN THE INITIAL ERRATIC MINUTES, IN CASE 6065 TO 6060 DOES NOT HOLD THEN BEARS WILL BE IN FULL FORCE TO PULL NIFTY DOWN TOWARDS 6050, 6040 OR EVEN 6020 TO HAND IT OVER TO THE BULLS AGAIN FROM HERE ON . HOWEVER IN CASE 6065 TO 6060 HOLDS THEN NIFTY FUTURE MAY MOVE UP TO THE BEARS’ SHORT COVERING POINT OF 6112 TO 6115 FUTURE ZONE AND IF 6112 TO 6115 IS DECISIVELY BREACHED THEN IT MAY SEE NIFTY FUTURES MOVING UP TOWARDS 6125 TO 6133 ZONE FOLLOWED BY EVEN 6150 FUTURE LEVELS TO GIVE A SLEEPLESS NIGHT TO THE SHORT POSITION HOLDERS WHO MAY WORRY AS TO WHAT WILL HAPPEN ON THE EXPIRY DAY. SIMILARLY A SLIDE BELOW 6020 FUTURE LEVELS MAY KEEP THE BULLS ON TENDER HOOKS FEARING FURTHER FALLS ON THE EXPIRY DAY. AUGUST FUTURES WITH HIGH PREMIUM TO JULY ALTHOUGH IS A SIGN OF BULLISHNESS FOR NOVICE TRADERS, YET IT IS HIGHLY DECEPTIVE THAT TOO DURING THE DEVASTATING MONTH OF AUGUST .
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