Yesterday Nifty futures didn’t manage to close above 5555 level (strong support) hence we may see some profit booking. open interest data shows that some short covering and fresh long build up seen in nifty futures march series. We will advice traders to trade long for today as buying support can be seen near 5555 level in nifty futures targeting 5585 area today. Markets are in mixed mood and may witness some fresh buying in today’s session or some short covering. The markets are likely to continue yesterdays buying interest pushing markets north. I will be looking for buying opportunities today as long as nifty futures is trading above 5555 level on intraday basis. Keeping bullish outlook for today, buy nifty futures above 5555 for intraday target of 5585 and 5618 level placing stop loss at 5535.
At 12:05 PM (IST) Nifty is trading flat. Today’s trend will be mixed with bullish bias, However new long positions will be added above 5555 levels. Nifty Future trading range can seen, as in the support resistance levels.
Nifty Futures Level:
Resistance: 5586 / 5622
Support: 5518 / 5476
Nifty futures trading tips (4 March 2011): Buy Nifty Future above 5555 level for intraday target of 5585 and 5618 levels, also place Stop loss below 5535 level.