Nifty Futures opened with a small gap up showing strenght in the early session.It opened @ 4691 and soon managed to scale 50 points and made an intraday high of 4747.Nifty tried twice to break past last weeks high of 4753 made failed and in the process made Double Top.Nifty sold off sharrply towards 2.30 pm and made a low of 4596 before closing @ 4617.
Nifty tried to break the triangle on the upside, but failed miserably.The 4755 level is too strong a resistance for Nifty to break on the upside for the timebeing.On the downside,It has to close below the 4580 level to resume weakness.
Our view on nifty is turned from Bullish to neutral.Only a decisive close above 4755 level will lead the nifty higher.And a break below 4580 level will bring the Nifty to 4350 levels.There is a triangle support on the daily chart @ 4500 level.So for the time being the Nifty is caught in arange of 4755 onthe higher End and 4500 on the lower End.
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