Hello,
Nifty Futures for July closed just above the 5400 level. Nifty August futures is trading at a premium to spot and this theoretically signifies that Bulls were agressive in shifting their Longs to the next month. The premium should erode substantially today since US markets closed in the Red and the futures too are weak.
With Nifty trading around the 5400 level, the 5400 level in itself has lost meaning which means that we should start looking at Nifty breaking either 5475 on upside or 5350 on lower side which currently defines the trading range we are caught in. Once we move out of these zones, Nifty should be able to move strongly on either side.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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