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Nifty Futures Support Resistance Level For 20 January 2011

By Bhaveek Patel Leave a Comment

Nifty future is now in consolidation before any breakout, we are however bearish as long as nifty is trading below 5744 level. Downside risk is now limited and is upto 5615 level. If nifty is able to sustain above 5744 level for 2 days then we will see a short covering rally towards 5850 level. For intraday trading we recommend to look for buying opportunity near 5615 level for intraday targets of 5682 and 5744 levels. A stop loss must be placed below 5598 level. So we are in a market that has limited downside from here and potential upside is 5850 in near term. Nifty futures support resistance level is as below:

Nifty Futures Level:
Resistance: 5694 / 5741
Support: 5617 / 5598

Nifty futures trading analysis for 20 January 2011 : Buy Nifty Future near 5620 level for intraday target of 5682 and 5742 levels, also place stop loss orders below 5601 level.

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Category: Nifty Tags: nifty/ Nifty Analysis/ Nifty Levels

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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