Nifty Futures Support and Resistance Levels – February 2, 2011

The support and resistance values are the same as yesterday. You may find it over here.

Update (10:16): I did certain minor modifications to my existing calculations. It presented me with a different set of resistance and support values. I am listing it over here for informational purposes.

Support: 5410.15, 5390.60, 5371 and 5351.55

Resistance: 5527.35, 5546.90, 5566.40 and 5585.95

The reason why I am jotting it over here is because these were the same values obtained when I used day before yesterday’s parameters. In other words, these price points were valid for yesterday too. The market followed these values – we could have shorted at 5527.35 with a target of 5468.65. Again, the low price of yesterday was 5411, which is close to our first support value 5410.15.

I may try to open fresh positions based on these values if ever the market touches and crosses them.

Update: I did not enter the trade since the values were not fulfilled. Nifty Futures had the potential however the enthusiasm got dampened as soon as A.Raja arrest news came out.

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