Nifty Futures opened today with a Bang on a very positive note @ 4865, with a gap of almost 40 points.It looked geared up to charge towards 5000.BUT WHAT A FAILURE!!!!
Nifty made an intrady high of 4890, and then on met with strong selling pressure.This does not look like a market which has just broken out of its approx 3 months triangle.It closed on the lowest point of the day @ 4804.It seems that nifty is facing resistance at every 50 points eg: 4850,4900,etc.
Our view has turned cautious from heavily Bullish.Nifty will now try support at lower levels @ 4780 area.Closing below 4780 is required , for nifty to make an attempt towards 4570 area.And on the upside,It has to take out todays high of 4890 to resume an uptrend.
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