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Nifty Future has resistance at 5640 level, Short sell Nifty

By Bhaveek Patel Leave a Comment

Nifty future traded higher last week, as it went from 5230 to 5645. But on daily chart level of 5640 is a resistance, and I believe it will hold nifty future sometime here before next up-move is seen. So I am going against the trend this time to play support resistance trade on nifty future, I would be looking to go short on nifty future around 5615 level, for targets as 5555 and then 5525. Stop loss will be placed at 5655.

Nifty daily chart resistance

Be careful while short selling, as Risk-on sentiment has resumed in the market and it seems like it is going to gain strength further. But some pullback must be on the way before fresh high is created. So this is just 1 or 2 days view, keep in mind that short and medium term trend in still up. Article published on 18 Sept 2012.

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Category: Nifty Tags: Daily Chart/ Nifty Future/ Short Sell/ Strong Resistance

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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