Nifty futures saw a positive start but soon after the RBI policy it is trading at days low near 5749 level, As long as nifty is trading above 5744 levels we will be long on nifty futures with intraday target of 5788 and 5800 level. Also we will trade with stop loss of 5739. So we will look for the buying opportunity as long as nifty holds the 5744 level level for near term target of 5788 and 5800 levels keeping strict stop loss at 5739 on closing basis. So as long as nifty is trading above 5744 level we see limited downside with upside potential target of 5800 level.
Currently Nifty is trading flat. But still holding above 5744 level, The short term trend will be consolidation. Nifty Future trading range may widen due to RBI policy, as seen in the support resistance levels.
Nifty Futures Level:
Resistance: 5788/ 5800
Support: 5744 / 5711
Nifty futures trading tips (25 January 2011): Buy Nifty Future near 5749 level for intraday target of 5788 and 5800 levels, also place Stop loss below 5739 level.