Nifty Futures Support Resistance Trading Level For 21 March 2011

After strong selling on last Friday, we have changed our sentiment from consolidation to bearish. Today Nifty futures is trading in tight range, before any further up move. We see this type of movement to continue for a week, before we see any breakout in either direction. When we speak about Nifty futures, the break below 5400 level will be treated strictly with strong selling by the market participants, mainly FII were net sellers. This is something that will bring the down trend confirmation in the markets. On the downside targets we find 5200 level. For intraday trading nifty futures must be traded Short near 5400 level for target of 5350 and 5318. A protective stop loss must be placed around 5415 level.

At 10:10 AM (IST) Nifty is trading negative by 25 points. Today’s trend will be bearish, However new short positions are likely to be added near 5400 level in open interest. Nifty Future trading range can be seen, as in the support resistance levels below.

Nifty Futures Level:
Resistance: 5404 / 5544
Support: 5353 / 5318

Nifty futures trading tips (21 March 2011): Sell Nifty Future below 5400 level for intraday target of 5350 and 5318 levels, also place Stop loss below 5415 level.