Nifty future is trading higher today after good rally in last 3 sessions. We are extremely bullish in short term. We will now look for buying opportunity near 6167 levels for intraday target of 6196, at higher levels we are going to find resistance at 6200 level, which is strong resistance now. Once we break this resistance we will witness more buying upto its next resistance of 6222 level. So for intraday trading we can buy Nifty futures near 6167 level for intraday target of 6196 and 6222. Also we see near term range for nifty is 6000-6300. So we now have limited downside in markets right now.
Nifty Futures Level:
Resistance: 6200 / 6222
Support: 6162 / 6089
Nifty futures trading tips (4 January 2011): Buy Nifty Future only above 6167 level for intraday target of 6196 and 6222 levels, also place Stop loss at 6137 level.
Sell Nifty Future below 6137 level for intraday target of 6107 and 6092 levels, also place Stop loss at 6163 level.