Nifty futures has given the downside breakout and this is signal for continuation of down trend. We see that markets has broken all the major supports and is now heading towards the last support of 5050 level. Also the intraday resistance is now at 5330 and 5351 levels. So the downtrend must continue till the next support level is reached, we are expecting heavy selling in the coming sessions. For intraday we are now looking for only selling opportunities as long as nifty is trading below 5340 level, selling nifty below 5330 level for target of 5249 and 5205 level also placing our stop losses at 5350 level. Technical indicator are still showing bearish sign in the market. So the current trend is down ward and taking the advantage of this downtrend we will be only looking for selling opportunities as long as nifty futures trades below 5330 level for intraday trading basis. Major support for nifty now lies at 5248 level, while immediate resistance is likely to be at 5349 level. Major part of selling is likely to come from the retail investors and FII as they have been the major sellers. Markets are in downtrend and is likely to witness more selling in the coming session.
At 11:40 AM (IST) Nifty is trading positive by 38 points. Today’s trend will be mixed to bearish, however we may see some fresh short position building up only below 5289 levels today. Also there may come short covering as well if nifty moves above 5351 level. Nifty Future trading range will be as seen in the support resistance levels below.
Nifty Futures Levels for 21 June 2011:
Resistance: 5330 / 5355
Support: 5248 / 5205
Nifty futures trading tips (21 June 2011): Sell nifty future below 5330 level for intraday target of 5248 and 5205 levels, also place Stop loss above 5355 level.