Nifty futures saw a negative breakdown of 5700 level last Friday, heading towards 5631 level. We now have negative outlook in nifty, we see we can correct towards 5515 level or even 5466 level. The major negative news in markets are growing inflation, surging crude oil prices, this will create pressure in interest rates in near term. So we will look for the selling opportunity near 5666 level for near term target of 5522 and 5466 levels keeping stop loss at 5711 on closing basis. So as long as nifty is trading below 5700 level we see limited upside upto 5700 and 5744 with downside potential target of 5635 level.
Currently Nifty is trading flat. But still holding below 5700 level, The short term trend will be negative. Nifty Future trading range may be small, as seen in the support resistance levels.
Nifty Futures Level:
Resistance: 5713 / 5744
Support: 5633 / 5602
Nifty futures trading tips (18 January 2011): Sell Nifty Future below 5663 level for intraday target of 5635 and 5603 levels, also place Stop loss at 5688 level.