Nifty futures is continuing its downtrend, as FII are still net sellers in the markets. The markets are likely to witness more selling pressure as long as nifty is trading below 5252 level. I will be looking for selling opportunities as as long as nifty futures is trading below 5252 level on intraday basis. Keeping bearish outlook for today, so short nifty below 5252 for intraday target of 5202 and 5171 level placing stop loss at 5266. However bears may book some profit near 5200 levels, so stay cautious at these levels with overall bias still bearish in near term.
At 11:15 AM (IST) Nifty is trading negative. But still trading below strong support of 5252 level, Today’s trend will be mixed with negative bias, However new short positions will be added at these levels. Nifty Future trading range can widen due to volatility, as in the support resistance levels.
Nifty Futures Level:
Resistance: 5252 / 5296
Support: 5201 / 5171
Nifty futures trading tips (11 February 2011): Sell Nifty Future below 5252 level for intraday target of 5202 and 5171 levels, also place Stop loss above 5266 level.