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Intraday Trading Analysis for Nifty Futures Today, Trading the RBI credit Policy Sell Nifty Futures, For Target 5520

By Bhaveek Patel Leave a Comment

Nifty futures seen deep correction just after the RBI declared its credit policy, hiking the interest rates, reverse repo and repo by 50 bps basis points and keeping the CRR cash reserve ratio unchanged at 6%. This has brought intense selling in the banking stocks like ICICI BANK, STATE BANK OF INDIA, HDFC BANK. This panic selling came from the major market participants, as this was unexpected by the participants. Today’s correction has warned us about the much deeper correction coming in the markets in near term, we are now neutral in the short term from the current levels. So our strategy will be watch for selling at the higher levels, also our intraday targets will be 5580 and 5520 levels. We advice traders to short nifty futures at every up move. Traders are also advised to place their stop loss above 5660 level. Technical analysis suggest the market has not managed to close above the major resistance level and is more likely to test the 5560 support zone.

At 11:45 AM (IST) Nifty is trading very negative by 90 points. Today’s trend is likely to be negative for the day. Also we expect some fresh short positions is likely to build in nifty futures below 5680 level. Nifty Futures trading range for today will be as in the support resistance levels below.

Nifty Futures Levels for today:
Resistance: 5640 / 5680
Support: 5560 / 5516

Nifty futures trading tips (26 July 2011): Sell nifty future below 5645 level for intraday target of 5560 and 5620 levels, also place Stop loss above 5670 level.

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  2. Nifty Futures Trading Intraday Tips For 24 June 2011, Sell below 5415 Target 5353 Today at 10:35 AM Nifty futures is trading higher about 60 points or 1.7%. But we see the price action is still below the major resistance zone suggesting that there is still some downside and...
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  5. Nifty Futures Trading Target Level For 13 April 2011, Sell Below 5884 Nifty future is trading lower by 77 points today, but it is still trading above its strong support level of 5802, we will however be bullish as long as nifty is trading above 5802 level...

Category: Nifty Tags: Nifty Analysis/ Nifty Levels/ RBI Credit Policy

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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