1 Sep, 2014, (8:46 AM IST)
Now, this is the real brain teaser for today
Although Indian markets were closed on Friday, global markets saw heavy volatility in forex markets with USD rising and rupee sliding down against the greenback.
If that trend continues, if will impact Indian equities in a negative way.
On the other hand, Nifty will try its best to touch 8,000 mark as markets whales like to touch milestones whenever markets are near such levels.
In last three sessions, Nifty has inched higher and managed to close above 7,950. For this index, support levels are crucial and traders must watch a bounce back if Nifty slides down. For Indian markets, buy at low looks more appropriate at this juncture.
So, keep an eye on Pivot levels and rupee’s trading pattern. The trading range might remain small like previous sessions, unless global cues decline sharply on any negative news.
Watch and observe how Nifty behave in early hours of the session and time your trade according to resistance and support levels.
Good luck, have fun trading a new F&O series in markets!
See you later.