Nifty futures is continuing its downtrend i.e trading below its strong support level. The selling pressure will continue till we see some short covering rally. As long as nifty futures is trading below 5515 levels we will be short on nifty futures with intraday target of 5442 and 5419 level. Also we will trade with strict stop loss of 5521. So we will look for the selling opportunity as long as nifty trades below 5515 level. We see limited upside from these levels with potential target of 5415 level in near term.
At 11:50 AM (IST) Nifty is trading negative. But still trading below 5515 level, Today’s trend will be negative, However short covering can be seen in second half session. Nifty Future trading range can widen, as in the support resistance levels.
Nifty Futures Level:
Resistance: 5515 / 5547
Support: 5445 / 5415
Nifty futures trading tips (1 February 2011): Sell Nifty Future below 5515 level for intraday target of 5442 and 5415 levels, also place Stop loss below 5521 level.