Nifty should open in slightly down today. I am tempted to announce so because, as of this moment :

• SGX Nifty is down by 10 points
• Asian markets is mostly down
• Oil is slightly down

On last Friday Nifty closed  at 7899, down 12 points. Nifty is on a bullish run. But if Nifty moves further down, then it will find support at 7800. I had mentioned about this in my earlier post. Check it here. This is what I had mentioned in the post:-

"Worst case scenario for Nifty is that it can drift down to 7800. There Nifty should find support in today's trade."

"However if Nifty opens with a Gap-up above 7950, then it will be a very positive signal. Nifty will keep moving higher in such scenario. Further, if Nifty closes above 8000 today, then we can safely assume that it is headed to 8300."

Both the above mentioned conditions are still relevant for trade today. So keep these two points in mind while trading today.

Call-to-Action

We have 4 open long positions of Apr Futures. In these scrips, take following actions in trade today :-

1. IDBI Apr Fut to be sold at 73/73.5 if it does not open with strong gap up. It was bought at 71 and initial target given was 80.
2. BANKINDIA Apr Fut to be sold at 99/99.5 if it does not open with strong gap up. It was bought at 98 and initial target given was 120.
3. UNIONBANK Apr Fut to be sold at 136/137 if it does not open with strong gap up. It was bought at 134 and initial target given was 160.

IDBI                : Bought 71,Close 72.75
UNIONBANK :Bought 134,Close 133.6