Nifty futures is trading in range of 5600 and 5400 for the long time. We are expecting a positive breakout above the higher level of the range for initial target of 5691 level. For intraday traders we will advice them to trade short for today as the nifty is weakening in the lower time frame charts like 15 minutes. Also on every up move we are expecting some fresh selling in this index. So for today sell nifty below 5491 for targets as 5454 and 5429 levels, also we will advice traders to place their stop loss near 5504. Technical indicators are in favor of short positions for intraday trading. Also the nifty 5400 puts can be bought near 62 for target of 73 and 77 level, keeping the stop loss at 56 level.
At 11:45 AM (IST) Nifty is trading negative by 38 points. Today’s trend will be bearish, We will see some fresh short position build up near 5485 levels today. Nifty Future trading range will be as seen in the support resistance levels below.
Nifty Futures Levels for 6 June 2011:
Resistance: 5496 / 5527
Support: 5452 / 5422
Nifty futures trading tips (6 June 2011): Sell nifty future below 5491 level for intraday target of 5454 and 5429 levels, also place Stop loss above 5505 level.