Here is short term range trading strategy for nifty future, hourly chart suggest levels of support resistance for short term:
Strong support can be found at 5640 level, where as strong resistance 5720 level for nifty spot.
So, one can buy nifty around 5640 level for target of 5700 and one can short nifty at 5720 for target as 5670 level. Stop loss will be, exit when nifty breaks out of this range. We cannot rule that price will continue in this range; still hoping for a breakout from this range sooner or later; Lets hope we are not late in picking this trading idea. However, we are trend trader and don’t take trade in such range bound markets. Trading published on 30 October 2012.
About 
Trading support and resistance can be very profitable strategy in market. One of my trading friend has been really good at it and he have been making living out of stock markets trading just stock/index options.