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 5328 and 5353 levels. So the downtrend must continue till the next support level is reached, we are expecting heavy selling in the coming sessions. As some large cap stocks are near their 52 week lows, like RELIANCE IND., MARUTI and the technology stocks are under pressure. For intraday we are now looking for only selling opportunities as long as nifty is trading below 5328 level, selling nifty below 5328 level for target of 5252 and 5209 level also placing our stop losses at 5353 level. Technical indicator are still showing bearish sentiment in the market. So the current trend is down ward and taking the advantage of this strong downtrend we will be only looking for selling opportunities as long as nifty futures trades below 5328 level for intraday trading basis. Major support for nifty now lies at 5252 level, while immediate resistance is likely to be at 5353 level. Major part of selling is likely to come from the retail investors and FII as they have been the major sellers for more than a month. Markets are in downtrend and is likely to witness more selling in the coming session.
At 10:20 AM (IST) Nifty is trading exactly flat. Today’s trend will be mixed to bearish, we may see some fresh short position building up only below 5288 levels today. Nifty Future trading range will be as seen in the support resistance levels below.
Nifty Futures Levels for 23 June 2011:
Resistance: 5328 / 5352
Support: 5249 / 5207
Nifty futures trading tips (23 June 2011): Sell nifty future below 5328 level for intraday target of 5255 and 5209 levels, also place Stop loss above 5352 level.