Nifty futures was trading in range for previous 2 sessions after 6 days of straight correction. But nifty still above 5700 mark is a relief for markets. 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 5700 level we see limited downside upto 5700 with upside potential target of 5950 level. So we would we look for buying opportunities at every dip for target of 5945 in shot term (4 to 6 sessions).
Currently Nifty is trading flat following global cues. But still holding strongly above 5700 support level, The short term trend will be consolidation. Nifty Future trading range may widen, as seen in the support resistance levels.
Nifty Futures Level:
Resistance: 5814 / 5844
Support: 5741 / 5702
Nifty futures trading tips (14 January 2011): Buy Nifty Future only above 5757 level for intraday target of 5800 and 5841 levels, also place Stop loss at 5737 level.