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 selling opportunity near 5950 levels for short term target of 5895, at lower levels we are going to find support at 5896 level, which is strong support now. Once we break this support we will witness more short selling upto its next support of 5831 level. So for intraday trading we can Sell Nifty near 5950 levels for intraday target of 5897 and 5861. Also we have witness range for nifty has shifted from 5700-6000 to 5800-6100. So we now have limited downside in markets.
Resistance: 5960 / 5999
Support: 5909 / 5854
Nifty futures trade today (20 December 2010): Sell Nifty Future near 5950 level for intraday target of 5897 and 5861 levels, also place Stop loss at 5975 level.