Nifty futures has faced strong resistance at 5569 level yesterday and is trading below this crucial level even today. The major selling came from the FII as they were net sellers of Rs.1000cr yesterday. We will advice traders to trade short for today as major selling can be seen near 5569 level in nifty futures targeting 5509 area today. Markets are in downtrend and is likely to witness more selling in today’s session. I will be looking for selling opportunities today as long as nifty futures is trading below 5569 level on intraday basis. Keeping bearish outlook for today, sell (short) nifty futures below 5569 for intraday target of 5509 and 5469 level placing stop loss at 5582.
At 10:15 AM (IST) Nifty is trading positive by 9 points. Today’s trend will be bearish, However fresh short positions are likely to be added near 5569 levels, also volumes were be higher suggesting stronger down trend. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5569 / 5596
Support: 5505 / 5468
Nifty futures trading tips (5 May 2011): Sell Nifty Future below 5569 level for intraday target of 5509 and 5469 levels, also place Stop loss above 5582 level.