Weakness in IT sector lead the markets to close in red today, though banking, auto and metal sectors gave good support to the indices to close in moderate loss.
For Intraday trading tomorrow Nifty could find resistance levels of 4,870-4,900 on upside. Above 4,900 next resistance is at 4,940-4,950. Important support level exists at 4,750.
Nifty Futures Trading Strategy
We recommend a sell with a stop loss of 4,910 for a target of 4,770. Over the course of next few sessions, the level of 4,680 will assume high significance. Till the time it trades above 4,680, there still is a possibility that Nifty may continue its upside, however a breach of 4,680 would imply the continuation of bearish trend and a retest of 4,530.
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