Nifty futures is facing strong resistance at 5555. Open interest data shows that some fresh short build up seen in nifty futures march series. We will advice traders to trade short for today as selling pressure can be seen near 5555 level in nifty futures targeting 5500 zone, before any up move. Markets are in mixed mood and may witness some fresh selling in today’s session or some short covering. The markets are unlikely to continue yesterdays buying interest pushing markets north. I will be looking for selling opportunities today as long as nifty futures is trading below 5555 level on intraday basis. Keeping bearish outlook for today, sell nifty futures below 5555 for intraday target of 5500 and 5476 level placing stop loss at 5569.
At 10:20 AM (IST) Nifty is trading flat. Today’s trend will be bearish, However new short positions will be added below 5555 levels. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5555 / 5572
Support: 5500 / 5473
Nifty futures trading tips (9 March 2011): Sell Nifty Future below 5555 level for intraday target of 5500 and 5476 levels, also place Stop loss above 5565 level.
Buy Nifty Future above 5555 level for intraday target of 5578 and 5609 levels, also place Stop loss at 5532 level.