Nifty futures is continuing its downtrend, as FII are on selling mood. The markets are likely to witness selling pressure and will continue till we see some short covering. As long as nifty futures is trading below 5500 levels we will be bearish and keep short positions on nifty futures with intraday target of 5452 and 5439 level. Also we will trade with strict stop loss of 5500. So we will look for the selling opportunity as long as nifty trades below 5500 level today. We may see some short covering from these lower levels with overall bias still bearish in near term.
At 12:57 AM (IST) Nifty is trading positive. But still trading below strong support of 5500 level, Today’s trend will be mixed with negative bias, However short covering can be seen. Nifty Future trading range can widen, as in the support resistance levels.
Nifty Futures Level:
Resistance: 5500 / 5541
Support: 5450 / 5429
Nifty futures trading tips (2 February 2011): Sell Nifty Future below 5500 level for intraday target of 5452 and 5429 levels, also place Stop loss below 5518 level.
Buy Nifty Future above 5528 level for intraday target of 5555 and 5578 levels, also place Stop loss at 5513 level.