Nifty future is trading higher today after long period of consolidation. We have now changed our view from consolidation to bullish in short term. We will now look for buying opportunity near 6050 levels for short term target of 6095, at higher levels we are going to find resistance at 6070 level, which is strong resistance now. Once we break this resistance we will witness more buying upto its next resistance of 6098 level. So for intraday trading we can buy Nifty futures near 6050 levels for intraday target of 6070 and 6095. Also we find range for nifty is now 5900-6100. So we now have limited downside in markets right now.
Nifty Futures Level:
Resistance: 6070 / 6095
Support: 6022 / 5999
Nifty futures trading tips (29 December 2010): Buy Nifty Future only above 6050 level for intraday target of 6070 and 6095 levels, also place Stop loss at 6022 level.
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Thanks for quick share info.Is there any chance to go further?
Hi Madhav!!!
If Nifty closes above 6070 for 2 days continuously then we will target 6255 level in short time. Else we will be consolidating in range of 5900 to 6100.