Even though Nifty future is trading lower today, but it is still trading above its strong support level of 5802, we will however be bullish as long as nifty is trading above 5802 level (on closing basis). Risks are emerging as technical indicators are gaining the upward momentum from current levels. We will advice traders to stay long in today’s market, unless nifty futures closes below 5802 level. If nifty futures breaks below 5802 level and close below it for two days continuously then we will see selling upto 5747 level. For intraday trading we recommend to take long position near 5806 level for target of 5846 and 5884 levels and place stop loss at 5788 level. Traders stay cautious as volatility may remain extremely high in near term, due to huge movement in crude oil prices.
At 10:15 AM (IST) Nifty is trading negative by 16 points. Today’s trend will be bullish, However fresh buying is likely to support markets today, also some profit booking is likely near 5850 level. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5849 / 5888
Support: 5802 / 5747
Nifty futures trading tips (11 April 2011): Buy Nifty Future above 5802 level for intraday target of 5846 and 5884 levels, also place Stop loss below 5788 level.