Nifty future is trading weak today, ie trading down about 22 points. At current level nifty is still trading below its strong resistance level of 5888, we will however remain bearish as long as nifty is trading below 5888 level (on closing basis). Technical indicators are showing mixed momentum from current levels. We will advice traders to remain short in nifty in today’s market, unless nifty futures trades above 5888 level. For intraday trading we recommend to take short position only below 5888 level for target of 5832 and 5807 levels and place stop loss at 5906 level. Traders stay cautious as near term volatility may increase significantly due to F&O expiry this week. Further direction of markets will be determined by the Q4 result from India’s giant corporates.
At 12:35 AM (IST) Nifty is trading negative by 22 points. Today’s trend will be bearish, However fresh selling is likely to pull markets southward today, also some profit booking is likely near 5855 level. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5855 / 5888
Support: 5807 / 5778
Nifty futures trading tips (27 April 2011): Sell Nifty Future below 5888 level for intraday target of 5833 and 5807 levels, also place Stop loss above 5906 level.