Nifty futures august series will begin to consolidate in the near term, we are now looking for fresh selling which may pull nifty towards the 5270 levels as the markets are now now heading downward. However we are still expecting some major selling from current levels, also this selling will be very good opportunity for short term selling in the front line stocks. Once the Nifty breaches below the 5501 level and closes below it for continuously 2 trading sessions then we will see huge selling pulling markets near the 5400 level, we will only look for buying opportunities then. Today Nifty futures is trading lower by 16 points, but still technical indicators like RSI is suggesting the downward momentum and strongly pointing downward. This may be a chance to add fresh short positions. Also we are expecting the the targets for nifty as 5400 in short term. Also the strong resistance lies at 5555 level (on closing basis). For intraday On the downside targets we find 5400 level. For intraday trading nifty futures must be traded short below 5525 level for target of 5480 and 5430. A protective stop loss must be placed around 5555 level.
Below is support resistance levels for intraday trading:
Nifty Futures Levels for today:
Resistance: 5555 / 5598
Support: 5475 / 5425
How to trade Nifty futures today: Nifty futures trading analysis (29 July 2011), Sell nifty future below 5525 level for intraday target of 5480 and 5430 levels, also place Stop loss above 5555 level.
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Thanks for sharing your expertize