Yesterday Nifty futures seen much large swings in intraday basis, open interest data shows that some short covering and fresh long build up seen in nifty futures march series. We will advice traders to go long for today as buying support can be seen near 5435 level in nifty futures targeting 5500 area today. Markets are in consolidation phase and may witness some fresh buying in today’s session. The markets are likely to continue yesterdays buying interest pushing markets north. I will be looking for buying opportunities today as long as nifty futures is trading above 5439 level on intraday basis. Keeping bullish outlook for today, buy nifty futures above 5439 for intraday target of 5500 and 5529 level placing stop loss at 5411.
Nifty Futures Level:
Resistance: 5500 / 5529
Support: 5401 / 5379
Nifty futures trading tips (1 March 2011): Buy Nifty Future above 5439 level for intraday target of 5500 and 5529 levels, also place Stop loss above 5411 level.
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