Nifty futures is trading positive today, at 11:30 AM today it was up by 72 points. We will be looking for buying opportunities as nifty futures is trading firmly above its strong resistance zone of 5600. Also there was support from the European markets yesterday. So this is very good opportunity for intraday traders to long positions in nifty futures for today’s trade. We will recommend to buy nifty futures near 5610 levels today and hold it for targets as 5645 and then 5665 levels. Placing the stop loss below 5600 level. Taking the advantage of this trend traders should go long on nifty futures. This result season has not been very good for the markets specially the IT giants has disappointed the market participants. Even the today’s volume is very high near the Rs.82,000 crores till 11:40 AM. High risk traders can even take positions on Nifty 5600 call options near 48 level for short term target of 68 and then 75 level. Also exit the positions if nifty futures seems to trade below 5590 level on closing basis only.
At 11:30 AM (IST) Nifty is trading positive by 72 points. Today’s trend is likely to be positive for the day. Also we expect some fresh long positions is likely to build in nifty futures above 5612 level and short may bulild up below 5585 level. Nifty Future trading range will be as seen in the support resistance levels below.
Nifty Futures Levels for today:
Resistance: 5648 / 5679
Support: 5600 / 5563
Nifty futures trading tips (22 July 2011): Buy nifty future above 5610 level for intraday target of 5645 and 5665 levels, also place Stop loss below 5590 level.