Nifty futures yesterday closed below 5628 level i.e below its strong support level. The selling pressure will continue till we see some short covering rally. As long as nifty futures is trading below 5628 levels we will be short on nifty futures with intraday target of 5572 and 5545 level. Also we will trade with strict stop loss of 5630. So we will look for the selling opportunity as long as nifty trades below 5700 level. We see limited upside from these levels with potential target of 5545 level in near term.
At 10:30 AM (IST) Nifty is trading negative. But still trading below 5629 level, Today’s trend will be negative. Nifty Future trading range may be small, as in the support resistance levels.
Nifty Futures Level:
Resistance: 5629/ 5700
Support: 5572 / 5545
Nifty futures trading tips (28 January 2011): Sell Nifty Future below 5629 level for intraday target of 5572 and 5528 levels, also place Stop loss below 5630 level.
Buy Nifty Future above 5638 level for intraday target of 5689 and 5705 levels, also place Stop loss at 5619 level.