Indian markets ended lower Friday after profit booking emerged across the board following a deep correction in Europe. The Dow Jones industrial average ended down 163 points but closed well off its lows of the day. The drop in U.S. markets Friday followed a slide of more than 3 percent in European indexes. Currency traders have been moving out of the euro throughout the week because of concerns that cost-cutting measures in countries like Greece, Spain and Portugal would slow economic activity on the continent and elsewhere. Now stock investors are also looking at those same problems.
The Nifty May futures continue to trade at a discount to the spot on account of short build-up by foreign institutional investors (FIIs). Derivatives data indicate that FIIs have built short positions around two million shares in Nifty futures and bought index puts since the beginning of the May series.
Trader can go short with target of 5000, with stop loss of 5220 for the next week.
The Nifty May futures continue to trade at a discount to the spot on account of short build-up by foreign institutional investors (FIIs). Derivatives data indicate that FIIs have built short positions around two million shares in Nifty futures and bought index puts since the beginning of the May series.
Trader can go short with target of 5000, with stop loss of 5220 for the next week.
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