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Nifty Futures Support Resistance Level For 1 July 2011, sell below 5685 for target 5595

By Bhaveek Patel Leave a Comment

Today at 10:50 AM Nifty futures is trading higher about 15 points. But we see the price action is suggesting some profit booking as we have approached the 50% retracement, which is currently the resistance level and we see that it will be difficult for the market to break above that level in near term. So we will be looking for selling near the 5685 level for target of 5595 and 5575 levels, it is also advisable to place the stop just above the 5700 level. We are sure that nifty futures will find the resistance at these (5685) level. But on the daily chart we saw nifty was in up trend. So this good opportunity, we also advice high risk traders to accumulate the 5600 put options at current level of 70 and can hold it for 2 to 3 days for target of 88 and 97. Also exit this put option if nifty closes above 5700 level for 2 days. Our short term strategy will be to look for selling at every rise, and book partial profit at previous lows.

At 10:50 AM (IST) Nifty is trading positive by 15 points. Today’s trend will be down, we may see some profit booking for the 5 days rally. Also some fresh long positions is likely to build near 5595 levels. Nifty Future trading range will be as shown in the support resistance levels below.

Nifty Futures Levels for 1 July 2011:
Resistance: 5688 / 5728
Support: 5595 / 5573

Nifty futures trading tips (1 July 2011): Sell nifty future below 5685 level for intraday target of 5595 and 5575 levels, also place Stop loss above 5700 level.

Opposite situation:

Buy Nifty Future above 5705 level for intraday target of 5745 and 5775 levels, also place Stop loss for long positions at 5680 level.

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Category: Nifty Tags: nifty/ Nifty Analysis/ Nifty Levels

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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