Nifty future is trading strong today up about 34 points, continuing yesterdays uptrend. At current level it is still trading above its strong resistance level of 5888, we will however be bullish as long as nifty is trading above 5890 level (on closing basis). Technical indicators are showing upward momentum from current levels. We will advice traders to stay long in today’s market, unless nifty futures trades below 5876 level. For intraday trading we recommend to take long position only near 5893 level for target of 5932 and 5953 levels and place stop loss at 5868 level. Traders stay cautious as near term volatility may remain high in near term, due to uncertainty in markets.
At 10:10 AM (IST) Nifty is trading positive by 34 points. Today’s trend will be bullish, fresh buying is likely to support markets today, also some profit booking is likely near 5935 level. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5939 / 5857
Support: 5887 / 5858
Nifty futures trading tips (21 April 2011): Buy Nifty Future above 5893 level for intraday target of 5932 and 5953 levels, also place Stop loss below 5868 level.