Nifty future is trading in tight range from past 4 sessions, this consolidation should not be ruled out for longer period of time and we should see a breakout in the positive direction. At CMP we will however remain bullish as long as nifty is trading above 5605 level. Technical analysis indicators are showing intermediate bullish momentum from current levels, we are confident that there should be up move from current levels. We will advice traders to stay long in nifty futures in today’s market. For intraday trading we recommend to enter long position only above 5622 level for target of 5646 and 5685 levels and place stop loss at 5598 level. Intraday traders stay cautious as near term volatility may increase significantly due to the global factors.
At 11:00 AM (IST) Nifty is trading flat. Today’s trend is likely to be mixed with positive bias, we may see some volatility in markets. Also we expect some fresh long positions is likely to build in nifty futures above 5608 levels. Nifty Future trading range will be as seen in the support resistance levels below.
Nifty Futures Levels for 20 July 2011:
Resistance: 5645 / 5688
Support: 5596b/ 5560
Nifty futures trading tips (20 July 2011): Buy nifty future above 5622 level for intraday target of 5646 and 5685 levels, also place Stop loss below 5598 level.