Nifty future is now consolidating after touching 5600 level on Wednesday, we are however bearish as long as nifty is trading below 5555 level. Downside and upside risk are equal at current levels. We will advice traders to stay short in this market, unless nifty futures closes above 5600 level. If nifty is able to break above 5555 level and close above it for two days continuously then we will see a huge rally upto 5650 level. For intraday trading we recommend to take short position near 5494 level for target of 5444 and 5402 levels and place stop loss at 55415 level. Traders stay coutious as volatility will remain high in near term. Nifty futures support resistance level is as below:
Nifty Futures Level:
Resistance: 5500 / 5552
Support: 5443 / 5401
Nifty futures trading tips (8 March 2011): Sell Nifty Future below 5494 level for intraday target of 5444 and 5402 levels, also place Stop loss below 5515 level.
Buy Nifty Future above 5555 level for intraday target of 5584 and 5613 levels, also place Stop loss at 5432 level.