Nifty futures is trading flat today, at 10:30 AM today. But the closing that we have seen in last week suggest us that there is now up side possible and we are now looking for buying opportunities as long as price action remains above the 5577 level (on 2 days closing basis). So traders should be look for buys only, We are now bullish for intraday trading as nifty futures has managed to close above the important support level of 5577, thus it gives us reason to take the buy positions above the 5577 level for targets as 5628 as first target and 5690 as second target. Also it is advised to place the protective stop loss below the 5560 level as this will invalidate all the long positions. But we will have to be very careful as the open interest data is showing some long unwinding also the volumes were lower as compared to the 10 days average volumes. So this suggest traders to stay extremely cautious. We are expecting a strong rally once we break above the 5605 level today, high risk traders can even take positions on Nifty 5600 call options near 65 level for short term target of 78 and then 87 level. Also exit the positions if nifty futures seems to trade below 5560 level on closing basis. Investors must stay away from the markets as there will high volatile moves in the markets from current levels.
At 10:30 AM (IST) Nifty is trading flat. Today’s trend will 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 5578 levels. Nifty Future trading range will be as shown in the support resistance levels below.
Nifty Futures Levels for 18 July 2011:
Resistance: 5605 / 5631
Support: 5574 / 5515
Nifty futures trading tips (18 July 2011): Buy nifty future above 5577 level for intraday target of 5628 and 5690 levels, also place Stop loss below 5560 level.