On the expiry of February series some fresh short buildup seen in Nifty futures and is still targeting the 5200 area in near term. Markets are in bearish mood and will witness fresh selling pressure in coming days, before any up-move, however a strong resistance now do exists at 5348 level which is still acting as potential down side risk, as FII and EM funds are busy in continuing outflow in current market scenario. The markets are likely to witness more selling pressure as long as nifty is trading below 5349 level. I will be looking for selling opportunities as as long as nifty futures is trading below 5349 level on intraday basis. Keeping bearish outlook for today, sell nifty futures below 5349 for intraday target of 5302 and 5271 level placing stop loss at 5355.
At 11:30 AM (IST) Nifty is trading positive. But still trading below strong resistance of 5349 level, Today’s trend will be mixed with negative bias, However new short positions will be added near 5345 levels. Nifty Future trading range can widen due to announcement of railway budget 2011-12, as in the support resistance levels.
Nifty Futures Level:
Resistance: 5349 / 5398
Support: 5301 / 5269
Nifty futures trading tips (25 February 2011): Sell Nifty Future below 5349 level for intraday target of 5302 and 5271 levels, also place Stop loss above 5355 level.
Buy Nifty Future above 5365 level for intraday target of 5402 and 5448 levels, also place Stop loss at 5352 level.