Today at 10:35 AM Nifty futures is trading higher about 60 points or 1.7%. But we see the price action is still below the major resistance zone suggesting that there is still some downside and we are sure that nifty futures will find the resistance at these (5415) level. So once nifty reach near 5415 level one can go short on nifty futures for the target of 5350 5323 levels also placing the stop loss just above the 5428 level. As on the daily chart we saw nifty was in down trend and as per our trade setup we look for only selling opportunities only till we see reversal in the current trend. So this solid selling opportunity exists, we also advice high risk traders to accumulate the 5400 put options at current level of 42 and can hold it for 2 to 3 days for target of 68 and 77. Also exit this put option if nifty closes above 5428 level for 2 days. Our short term strategy will be to look for selling at every rise, and book partial profit at new lows.
At 10:35 AM (IST) Nifty is trading positive by 60 points. Today’s trend will be mixed, we may see some fresh short position building up only below 5288 levels today. Also short unwinding will be seen near 5350 level. Nifty Future trading range will be as seen in the support resistance levels below.
Nifty Futures Levels for 24 June 2011:
Resistance: 5415 / 5454
Support: 5349 / 5318
Nifty futures trading tips (24 June 2011): Sell nifty future below 5415 level for intraday target of 5353 and 5323 levels, also place Stop loss above 5428 level.