Nifty futures is trading in tight range, consolidating before any further up move. We see this consolidation to continue for a week, before we see any breakout in either direction. When we speak about Nifty futures, the break above 5555 level will be keenly watched by the market participants. This is something that will bring the up trend confirmation in the markets. On the downside we look for the 5415 level. For intraday trading nifty futures can be bought (Long) near 5500 level for target of 5550 and 5577. A protective stop loss must be placed around 5485 level.
Nifty Futures Level:
Resistance: 5555 / 5578
Support: 5484 / 5458
Nifty futures trading tips (17 March 2011): Buy Nifty Future above 5500 level for intraday target of 5550 and 5577 levels, also place Stop loss below 5485 level.