Nifty future is now in consolidation before any possible breakout, we are however bearish as long as nifty is trading below 5500 level. Downside and upside are both unpredictable from here. We will advice traders to stay away from this market, as risk is now going higher. If nifty is able to break above 5527 level for two days continuously then we will see a short covering rally upto 5700 level. For intraday trading we recommend to stay away from the market.
Nifty Futures Levels for 4 Feb 2011:
Resistance: 5493 / 5529
Support: 5443 / 5418
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