After the long consolidation in the markets we are now looking for fresh rally towards the 5700 levels as the markets are now now heading upward. However we are still expecting some minor selling from current levels, also this selling will be very good opportunity for short term buying in the frontline stocks. Once the Nifty breaks above the 5571 level and closes above it for continuously 2 trading sessions then we will change our outlook from bearish to bullish and we will be looking for only buying opportunities then. Today Nifty futures is trading higher by 26 points, but still we not trade long unless nifty breaks above the 5571 level as technical indicators like RSI is suggesting the upward momentum and strongly pointing upward. This may be a chance to add fresh long position. Also we are expecting the the targets for nifty as 5700 in short term. Also the strong resistance lies at 5700 level (on closing basis). For intraday On the upside targets we find 5598 level. For intraday trading nifty futures must be traded long above 5571 level for target of 5598 and 5624. A protective stop loss must be placed around 5559 level.
At 10:10 AM (IST) Nifty is trading positive by 28 points. Today’s trend will be bullish, However some fresh long position are likely to be added above 5571 levels today. Nifty Future trading range will be as shown in the support resistance levels below.
Nifty Futures Levels for 25 May 2011:
Resistance: 5570 / 5599
Support: 5522 / 5497
Nifty futures trading tips (1 June 2011): Buy nifty future above 5571 level for intraday target of 5598 and 5624 levels, also place Stop loss below 5558 level.