Nifty futures has been trading lower for last 3 sessions due to low liquidity in the markets. We see a resistance level do exist near 6098 level, so our initial strategy for today is to wait for breakout in nifty futures above 6050 level for intraday targets of 6075 and 6099. Nifty is trading flat with limited downside holding 6000 strong support, most of the world indices are trading firm after a flat start, so we do expect the Indian to follow them. The trend will be mixed to bullish with huge volatile moves. Nifty Future trading range can widen, as seen in the support resistance levels.
Nifty Futures Level:
Resistance: 6075 / 6099
Support: 6000 / 6033
Nifty futures trading tips (7 January 2011): Buy Nifty Future only above 6043 level for intraday target of 6074 and 6091 levels, also place Stop loss at 6023 level.
Alternate situation:
Sell Nifty Future below 5989 level for intraday target of 5966 and 5948 levels, also place Stop loss at 6127 level.
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