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 take long position near 5422 level for target of 5447 and 5468 levels and place stop loss at 5410 level. So we are in a market that has limited downside from here and potential upside is 5850 in near term. Nifty futures support resistance level is as below:
Nifty Futures Level:
Resistance: 5453 / 5481
Support: 5413 / 5368
Nifty futures trading tips (7 February 2011): Sell Nifty Future below 5400 level for intraday target of 5376 and 5362 levels, also place Stop loss below 5518 level.
Alternate situation:
Buy Nifty Future above 5431 level for intraday target of 5455 and 5481 levels, also place Stop loss at 5513 level.
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