Nifty futures has changed the near term trading outlook from bullish to bearish after falling to 5444 levels on 5 May 2011. Since then we are looking for selling opportunities only on every up move. Also markets are likely to heavily consolidate, due to high volatility in commodity prices. However we will advice traders to build short position on every up move. We are going to see more selling from the current levels which will pull the markets towards the 5200 level of past. So the current trend is down ward and taking the advantage of this downtrend we will be only looking for selling opportunities as long as nifty futures trades below 5515 level for intraday basis. Major support for nifty lies at 5444 zone. Today we will advice traders to sell nifty below 5515 level for intraday target of 5444 and 5419 level, also stop loss for this trade must be placed above 5535 level. The major selling is likely to come from the FII as they have selling continuously for last 9 sessions. Markets are in downtrend and is likely to witness more selling in today’s session.
At 11:30 AM (IST) Nifty is trading negative by 25 points. Today’s trend will be bearish, However some short covering is likely at lower levels today. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5515 / 5567
Support: 5444 / 5415
Nifty futures trading tips (17 May 2011): Sell Nifty Future below 5515 level for intraday target of 5444 and 5419 levels, also place Stop loss above 5535 level.
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