Nifty future is trading strong today, and is still trading above its strong resistance level of 5888, we will however be bullish as long as nifty is trading above 5890 level (on closing basis). Risks are increasing as technical indicators are mixed momentum from current levels. We will advice traders to stay long in today’s market, unless nifty futures trades below 5876 level. If nifty futures breaks below 5871 level and close below it for two days continuously then we will see more selling upto 5757 level. For intraday trading we recommend to take long position only near 5890 level for target of 5936 and 5954 levels and place stop loss at 5868 level. Traders stay cautious as volatility may remain extremely high in near term, due to huge movement in commodity prices and the Q4 result season is approaching.
At 11:15 PM (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 5935 level. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5939 / 5857
Support: 5887 / 5858
Nifty futures intraday trading tips (18 April 2011): Buy Nifty Future above 5890 level for intraday target of 5935 and 5956 levels, also place Stop loss below 5868 level.