Nifty futures is facing strong resistance at 5888 and is trading below this level today. The major selling came from the FII, retail investors. We will advice traders to trade short for today as selling pressure can be seen near 5888 level in nifty futures targeting 5840 area today. Markets are in bearish mood and is likely to witness fresh selling in today’s session. The markets are unlikely to continue last weeks buying interest, hence pushing markets southward. I will be looking for selling opportunities today as long as nifty futures is trading below 5888 level on intraday basis. Keeping bearish outlook for today, sell nifty futures below 5888 for intraday target of 5840 and 5806 level placing stop loss at 5905.
At 10:55 AM (IST) Nifty is trading positive by 15 points. Today’s trend will be bearish, However profit booking is likely to bring markets down, also some fresh short buildup may be seen near 5888 level. Nifty Future trading range can be seen, as in the support resistance levels below.
Nifty Futures Level:
Resistance: 5896 / 5942
Support: 5839 / 5801
Nifty futures trading tips (4 April 2011): Sell Nifty Future below 5888 level for intraday target of 5840 and 5806 levels, also place Stop loss above 5905 level.