Nifty futures is facing strong resistance at 5555 and is trading down by more than 150 points today. The major selling came from the global cues in japan, as Nikkie 225 fell by more than 14% today, due to fire in nuclear reactor number 4. We will advice traders to trade short for today as selling pressure can be seen near 5555 level in nifty futures targeting 5400 area today. Markets are in bearish mood and is likely to witness fresh selling in today’s session. The markets are unlikely to continue yesterdays buying interest, hence pushing markets southward. I will be looking for selling opportunities today as long as nifty futures is trading below 5555 level on intraday basis. Keeping bearish outlook for today, sell nifty futures below 5555 for intraday target of 5475 and 5416 level placing stop loss at 5566.
At 12:40 PM (IST) Nifty is trading negative by 60 points. Today’s trend will be bearish, However new short positions will be added below 5555 levels. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5001 / 5555
Support: 5454 / 5413
Nifty futures trading tips (15 March 2011): Sell Nifty Future below 5555 level for intraday target of 5475 and 5416 levels, also place Stop loss above 5566 level.