Nifty futures continuing its downtrend falling from 5900 to 5414 levels last Friday. We are looking for selling opportunities only on every up move from here. Also markets are likely to stay highly volatility due to F&O expiry this week. However we will advice traders to build short position on every up move. We are going to see more selling from the current levels which will pull the markets towards the 5200 level of past. So the current trend is down ward and taking the advantage of this downtrend we will be only looking for selling opportunities as long as nifty futures trades below 5413 level for intraday trading basis. Major support for nifty now lies at 5269 zone, while resistance is likely to be at 5500. Today we will advice traders to sell nifty below 5413 level for intraday target of 5372 and 5324 level, also stop loss for this trade must be placed above 5444 level. The major selling is likely to come from the FII as they have been the major sellers, selling continuously for last 20 sessions. Markets are in downtrend and is likely to witness more selling pressure in the coming session.
At 10:45 AM (IST) Nifty is trading negative by 48 points. Today’s trend will be bearish, However some short covering is likely at lower levels today. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5445 / 5500
Support: 5370 / 5322
Nifty futures trading tips (23 May 2011): Sell Nifty Future below 5413 level for intraday target of 5272 and 5227 levels, also place Stop loss above 5444 level.