Nifty future is now consolidating before breakout in either direction, we are however bearish as long as nifty is trading below 5500 level. Downside and upside risk are same from current levels. We will advice traders to stay away from this market, as risk apatite is now high. If nifty is able to break above 5527 level and close for two days continuously then we will see a huge short covering rally upto 5711 level. For intraday trading we recommend to take short position near 5498 level for target of 5476 and 5461 levels and place stop loss at 5512 level. So we are in a market that has limited downside from here and upside is also capped by 5500 level in near term. Nifty futures support resistance level is as below:
Nifty Futures Level:
Resistance: 5503 / 5525
Support: 5468 / 5406
Nifty futures trading tips (22 February 2011): Sell Nifty Future below 5500 level for intraday target of 5476 and 5461 levels, also place Stop loss above 5512 level.