Nifty Futures Opened Weak today along with other Asian Markets.
It Opened @ 4958 but very quickly recovered the lost ground and made several attempts to move past 5010. It’s Failure to move past 5000 levels lead to heavy sell Off around Mid session.It held on to 4940 Area, and made some recovery before closing @ 4960.The Intraday Low was 4932.
Nifty Seems to get good buying support around 4900 - 4930 Area. This has now turned into a short term support zone for the Nifty. And on the Upside, 5010 -5025 has been short term resistance for the market. Breaking on either side will give a huge breakout for almost 200 points in either direction.
Our View on Nifty is Cautiously Optimistic. It has to surpass the short term range of 4900 - 5025 on either side to trigger a breakout trade. On the Daily charts, there is a Trendline support @ 4900 Area making that a very strong support for Nifty Futures. The Break below this on closing basis will give way towards 4780. And on the upside, A breakUp above 5025 will take the market higher towards 5250 Levels.
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