Selling from all sides has pulled the markets from 5900 levels to the current 5350 levels. However we are still expecting this trend to continue targeting 5150 levels soon. We will be looking for only selling opportunities as long as nifty is trading below 5558 level. Today Nifty futures is trading lower by 36 points, but still we will be trading short in this market scenario as the technical indicators like RSI is suggesting the downward momentum and strongly pointing downward. This may be a chance to add fresh short position as the petrol prices were hiked by Rs.5 in last two weeks, when we look at fundamentals and technicals both suggests the continuation of downtrend. Also we are expecting the the targets for nifty as 5150 in short term. Also the strong resistance lies at 5558 level (on closing basis). For intraday On the downside targets we find 5333 level. For intraday trading nifty futures must be traded short below 5367 level for target of 5333 and 5314. A protective stop loss must be placed around 5401 level.
Nifty Futures Levels for 25 May 2011:
Resistance: 5396 / 5441
Support: 5332 / 5311
Nifty futures trading tips (25 May 2011): Sell Nifty Future below 5365 level for intraday target of 5333 and 5314 levels, also place Stop loss above 5398 level.
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