Nifty future is trading lower by 77 points today, but it is still trading above its strong support level of 5802, we will however be bullish as long as nifty is trading above 5802 level (on closing basis). Risks are increasing as technical indicators are loosing the upward momentum from current levels. We will advice traders to stay short in today’s market, unless nifty futures closes above 5871 level. If nifty futures breaks below 5802 level and close below it for two days continuously then we will see more selling upto 5757 level. For intraday trading we recommend to take short position near 5886 level for target of 5846 and 5814 levels and place stop loss at 5898 level. Traders stay cautious as volatility may remain extremely high in near term, due to huge movement in commodity prices and the Q4 result season is approaching. Nifty futures support resistance level is as below:
At 1:15 PM (IST) Nifty is trading negative by 77 points. Today’s trend will be bullish, However fresh buying is likely to support markets today, also some profit booking is likely near 5855 level. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5859 / 5886
Support: 5802 / 5757
Nifty futures trading tips levels (15 April 2011): Sell Nifty Future above 5884 level for intraday target of 5858 and 5816 levels, also place Stop loss below 5898 level.