Nifty future is now consolidating after touching 5555 level on Tuesday, we are however bullish as long as nifty is trading above 5005 level. Downside and upside risk are same from current levels. We will advice traders to stay long in this market, as risk appetite is now inching higher. If nifty is able to break above 5555 level and close above it for two days continuously then we will see a huge short covering rally upto 5707 level. For intraday trading we recommend to take long position near 5494 level for target of 5548 and 5588 levels and place stop loss at 5478 level. So we are in a market that has limited downside from here and upside is also capped by 5618 level in near term. Nifty futures support resistance level is as below:
At 11:20 AM (IST) Nifty is trading negative. But still trading above strong support of 5499 level, Today’s trend will be positive, However new long positions will be added near 5488 levels. Nifty Future trading range can widen, as in the support resistance levels.
Nifty Futures Level:
Resistance: 5552 / 5588
Support: 5468 / 5416
Nifty futures trading tips (3 March 2011): Buy Nifty Future above 5495 level for intraday target of 5548 and 5588 levels, also place Stop loss below 5478 level.