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Nifty Futures Support Resistance Level For 20 June 2011, Sell below 5301, For Target 5257

By Bhaveek Patel Leave a Comment

Nifty futures seen deep correction in the early hour of trade, the panic selling came from the major market participants, as there was some talks going on for the Mauritius DTTA, we also saw the huge selling in the stocks like GTL and the GLTINFRA, as it is said that these companies has about 11% of holding from the Mauritian company technology infra. Today’s correction has warned us about the much deeper correction coming in the markets in near term, we are not at all bullish for short term from the current levels. So our strategy will be watch for selling at the higher levels, also our targets will be 5050 and 4800. We advice traders to short nifty futures at every up move. Traders are also advised to place their stop loss above 5460 level. Technical analysis suggest the market has broken major support and is more likely to test the 5050 support zone.

At 11:50 AM (IST) Nifty is trading negative by 67 points. Today’s trend will be bearish, however we may see some fresh short position build up below 5301 levels today. Nifty Future trading range will be as seen in the support resistance levels below.

Nifty Futures Levels for 16 June 2011:
Resistance: 5305 / 5375
Support: 5273 / 5238

Nifty futures trading tips (20 June 2011): Sell nifty future below 5301 level for intraday target of 5267 and 5247 levels, also place Stop loss above 5323 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.

Comments

  1. Sonu Gawali says

    Nice call on nifty futures, sir can i hold my shorts as i am short from 5500 level. Where should i exit this positions. Waiting for your valuable reply.

    Reply
    • Bhaveek Patel says

      Sonu at this point of time you are making some decent profits, you can hold these positions along with the stop loss at 5444 level. and wait for the target of 5050 soon.
      Regards,
      OurNifty.com Team

      Reply

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