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Nifty Futures Support Resistance Level For 11 January 2011

By Bhaveek Patel Leave a Comment

Nifty futures has been trading lower for last 5 sessions due to negative news of inflation and fear of interest rate hike in near term by RBI. We saw yesterday nifty touching its double bottom of 5744 level which acts as a strong support level. So as long as nifty is trading above 5744 level we see limited downside with upside potential target of 5989 level. So we would we look for buying opportunities in nifty for target of 5989.

Currently Nifty is trading positive with 0.5% strongly holding above 5744 strong support, The short term trend will be consolidation with large volatile moves. Nifty Future trading range can widen, as seen in the support resistance levels.

Nifty Futures Level:
Resistance: 5853 / 5894
Support: 5798 / 5744

Nifty futures trading tips (11 January 2011): Buy Nifty Future only above 5823 level for intraday target of 5853 and 5892 levels, also place Stop loss at 5808 level.

Alternate situation:

Sell Nifty Future below 5785 level for intraday target of 5766 and 5750 levels, also place Stop loss at 5823 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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