Nifty futures is continuing its downtrend, as FII are still net sellers. The markets are likely to witness selling pressure as long as nifty is trading below 5353 level. I will be looking for selling opportunities as as long as nifty futures trades below 5353 level. Keeping bearish outlook for today short nifty below 5353 for intraday target of 5300 and 5274 level placing stop loss at 5360. However bears may book some profit near 5300 levels, so stay extremely cautious at these levels with overall bias still bearish in near term.
At 11:30 AM (IST) Nifty is trading flat. But still trading below strong support of 5353 level, Today’s trend will be mixed with negative bias, However new short positions will be added at these levels. Nifty Future trading range can widen, as in the support resistance levels.
Nifty Futures Level:
Resistance: 5353 / 5377
Support: 5301 / 5269
Nifty futures trading tips (9 February 2011): Sell Nifty Future below 5353 level for intraday target of 5300 and 5274 levels, also place Stop loss below 5360 level.
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