Nifty futures had a Volatile session due to Expiry of the September Series.
Nifty opened down 30 points @ 4930, it made an intraday Low of 4908 and managed to find support @ 4900 levels. It closed near the high of the day @ 4986.Nifty (Oct) Closed with a premium of approx. 17pts @ 5002.
Nifty tested the short term support zone @ 4940. It managed to hold that level on Closing basis and closed almost at the high point of the day.There is a minor resistance @ 5025 and then a break above 5050 will add fresh Momentum to the Rally.
Our View on Nifty Futures is still Cautiously Bullish. It has to Head above 5050 levels to gain Momentum.On the downside, Close below 4940 will temporarily slow the Upside. There is a strong support @ 4780 which should hold for any Meaningful attempt @ 5250 is to be made.
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