Nifty futures has found near term support at 5767 level and is trading firmly above this level today. The major buying came from the FII, retail investors. We will advice traders to trade long for today as buying can be seen near 5824 level in nifty futures targeting 5855 area today. Markets are in bullish mood and is likely to witness fresh buying in today’s session. The markets are unlikely to continue last session’s selling interest, hence pushing markets upward. I will be looking for buying opportunities today as long as nifty futures is trading above 5824 level on intraday basis. Keeping bullish outlook for today, buy nifty futures above 5824 for intraday target of 5855 and 5886 level placing stop loss at 5795.
At 11:01 AM (IST) Nifty is trading positive by 47 points. Today’s trend will be bullish, However fresh buying is likely to support markets today, also some profit booking is likely near 5855 level. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5859 / 5886
Support: 5802 / 5757
Nifty futures trading tips (13 April 2011): Buy Nifty Future above 5824 level for intraday target of 5855 and 5886 levels, also place Stop loss below 5795 level.