Nifty futures has faced strong resistance at 5900 level and is trading below this crucial level today. The major selling came from the FII and retail investors. We will advice traders to trade short for today as major selling can be seen near 5807 level in nifty futures targeting 5753 area today. Markets are in consolidation mood and is likely to witness some mixed movement in todays session. I will be looking for selling opportunities today as long as nifty futures is trading below 5838 level on intraday basis. Keeping bearish outlook for today, sell (short) nifty futures below 5807 for intraday target of 5753 and 5726 level placing stop loss at 5838.
At 10:28 AM (IST) Nifty is trading negative by 71 points. Today’s trend will be bearish, However fresh selling is likely to pull markets southward today, also some profit booking is likely near 5760 level. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5800 / 5838
Support: 5752 / 5718
Nifty futures trading tips (26 April 2011): Sell Nifty Future below 5807 level for intraday target of 5753 and 5726 levels, also place Stop loss above 5838 level.