Nifty futures has sown the sign of the reversal in its downtrend we are now expecting the upside form the current levels targeting the 5690 level in near term. However we will advice traders to add long position on every down move. We are going to see more buying from the current levels which will push the markets towards the 5690 level of past. So the current trend is up ward and taking the advantage of this uptrend we will be only looking for buying opportunities as long as nifty futures trades above 5571 level for intraday trading basis. Major resistance for nifty now lies at 5690 level, while immediate support is likely to be at 5569. Today we will advice traders to buy nifty above 5574 level for intraday target of 5599 and 5624 level, also stop loss for this trade must be placed below 5551 level. The major buying is likely to come from the retail investors and FII as they have been the major buyers. Markets are in uptrend and is likely to witness more supportive buying in the coming session.
At 11:25 AM (IST) Nifty is trading positive by 33 points. Today’s trend will be bullish, We will see some fresh long position likely to be added above 5574 levels today. Nifty Future trading range will be as shown in the support resistance levels below.
Nifty Futures Levels for 25 May 2011:
Resistance: 5599 / 5624
Support: 5550 / 5519
Nifty futures trading tips (3 June 2011): Buy nifty future above 5574 level for intraday target of 5599 and 5623 levels, also place Stop loss below 5551 level.