Even though Nifty future is trading higher today, but it is still below its extreme resistance level of 5555, we will however remain bearish as long as nifty is trading below 5555 level (on closing basis). Risks are emerging as technical indicators are gaining the upward momentum from current levels. We will advice traders to stay short in today’s market, unless nifty futures closes above 5555 level. If nifty futures breaks above 5555 level and close above it for two days continuously then we will see a strong rally upto 5627 level. For intraday trading we recommend to take short position near 5498 level for target of 5474 and 5454 levels and place stop loss at 5515 level. Traders stay cautious as volatility may remain extremely high in near term. Nifty futures support resistance level is as below:
At 10:55 AM (IST) Nifty is trading positive by 45 points. Today’s trend will be mixed with bearish bias, However new short positions are likely to be added near 5535 level in open interest. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5498 / 5549
Support: 5454 / 5421
Nifty futures trading tips (23 March 2011): Sell Nifty Future below 5498 level for intraday target of 5474 and 5454 levels, also place Stop loss above 5515 level.
Buy Nifty Future above 5565 level for intraday target of 5581 and 5595 levels, also place Stop loss at 5544 level.