Nifty future trading range from past 30 sessions was 5300 – 5700 range, in this range the nifty was heavily consolidating and we see further consolidation before any up move. At CMP we will however remain bearish as long as nifty is trading below 5565 level. Technical indicators are showing lack of strong momentum from current levels, we are confident that the recovery will take more time. We will advice traders to remain short in nifty in today’s market. For intraday trading we recommend to enter short position only below 5492 level for target of 5447 and 5428 levels and place stop loss at 5558 level. Intraday traders stay cautious as near term volatility may increase significantly due to the global factors.
At 10:45 AM (IST) Nifty is trading negative by 20 points. Today’s trend will be mixed to bearish, We may see some fresh short position build up below 5495 levels today. Nifty Future trading range will be as seen in the support resistance levels below.
Nifty Futures Levels for 9 June 2011:
Resistance: 5527 / 5569
Support: 5449 / 5424
Nifty futures trading tips (9 June 2011): Sell nifty future below 5494 level for intraday target of 5453 and 5427 levels, also place Stop loss above 5525 level.
Buy Nifty Future above 5571 level for intraday target of 5595 and 5619 levels, also place Stop loss for long positions at 5542 level.