Nifty opened today on a positive note up almost 40 points @ 4997. It made a high of 5020 and an intraday low of 4983.50 before closing at 4995.Another narrow range day for nifty futures of only 40 points after opening.
Nifty futures seems to be stuck in a very narrow band of 125 points. On the downside, there is support at 4900 levels and on the upside resistance @ 5025 level. Breaking on the either side will trigger a 200 point breakout of the range.
Our View on Nifty is Moderately Bullish. It has to move above 5025 Area to make an attempt towards new high at 5250. And on the downside, a break below 4900 will lead to heavy Profit booking. The support is all the way down to 4780 and then at 4570.Nifty can be Bought and Sold with a strict
stoploss on either side of the range.
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