Nifty future has finally found support at 5750 level, forming double bottom. We have now changed our view from bearish to consolidation in short term. We will now look for buying opportunity near 5850 levels for short term target of 5995, at higher levels we are going to face resistance at 5996 level, which is strong resistance. Once we cross this resistance we will witness short covering rally upto its next resistance of 6031 level. So for intraday trading we can buy Nifty near 5938 levels for intraday target of 5967 and 5991.
Resistance: 5960 / 5999
Support: 5909 / 5854
Nifty futures trade today (16 December 2010): Buy Nifty Future near 5927 level for intraday target of 5960 and 5995 levels, also place Stop loss at 5875 level.