After strong buying yesterday, we are expecting this rally to continue till 5760 level. Today Nifty futures is trading higher by 40 points, but still we will be trading cautiously as the 5756 level may act as strong resistance for today’s trading (200 DMA on 4 Hour chart). We see some profit booking near this level. When we speak about Nifty futures, the break below 5756 level will bring some selling by the market participants, mainly by FII. This is something that will bring the reversal in the trend of the markets for near term. On the downside targets we find 5700 level. For intraday trading nifty futures must be traded short near 5757 level for target of 5706 and 5666. A protective stop loss must be placed around 5785 level.
At 11:05 PM (IST) Nifty is trading positive by 35 points. Today’s trend will be bearish, However profit booking is likely to bring markets down, also some fresh short buildup may be seen near 5757 level. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5758 / 5796
Support: 5702 / 5666
Nifty futures trading tips (29 March 2011): Sell Nifty Future below 5757 level for intraday target of 5706 and 5666 levels, also place Stop loss above 5785 level.