Nifty futures was trading with consolidation moves for last 2 sessions after 6 days of correction. But nifty finally closing above 5800 mark yesterday is a good sign. So we can conclude that a consolidation period will continue for few session before a bounce back to 5950 levels. So as long as nifty is trading above 5744 level we see limited downside with upside potential target of 5950 level. So we would we look for buying opportunities in nifty for target of 5950 in shot term (4 to 6 sessions).
Currently Nifty is trading negative about 32 points. But still holding strongly above 5744 support level, The short term trend will be consolidation with small volatile moves. Nifty Future trading range may widen, as seen in the support resistance levels.
Nifty Futures Level:
Resistance: 5854 / 5884
Support: 5745 / 5716
Nifty futures trading tips (13 January 2011): Buy Nifty Future only above 5847 level for intraday target of 5868 and 5883 levels, also place Stop loss at 5831 level.