"TRADING IDEA FOR FRIDAY (30.07.2010)"

JULY-2010 LEFT US WITH NIFTY ABOVE 5400.
The Sensex, after moving in a choppy fashion finally ended the session yesterday at 17992 gaining a modest 34 points after touching a high of 18,013 in afternoon trades. The Nifty, which surged to 5415, ended at 5408, netting a marginal gain of 13 points.
Nifty closed the July F&O expiry day at marginally higher. The markets witnessed a listless session with volatility. The inflation fell in single digit to 9.67% for the week ended July 17, 2010 from 12.47% seen in the previous week lifting the market sentiments. The revival of monsoons in July also led to optimism. Positive opening of the European markets and recovery in the Asian indices boosted the sentiments further, with the Nifty regaining significant levels of 5400. The Nifty closed above 5400 levels at 5409, 11 points up.
However, the market breadth was marginally negative as declining stocks outdid the advancing ones. Of the 3,018 shares traded on the BSE, 1,476 shares declined whereas 1,410 shares advanced. 132 shares closed unchanged.
For August, initially the range has slightly shifted by 100 points upward. We have seen the support of 5300 now because there is a lot of put accumulation and writing happening over there. The writing of call option which happened in the July series between 5400 and 5500 call has now shifted 100 points up to 5500 call and 5600 call. So we have a range of 5300 and 5600 for August series. However, it is too early to say the range at this moment.
FOR TODAY: From Global cues as well as today's Asian Markets, it is for sure that NIfty will open flat to marginally down. Will tend to fall during the day but some recovery in the market can be seen in the second half. I may buy Nifty future around 5371 with intra-day target of 5414 and stop loss of 5350. Probably today's trading range will be 5370-5415.
TRADE SAFE AND ALWAYS WITH STOPLOSS. ONLY STOPLOSS WILL SAVE YOUR MONEY.
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