After a long weekend, Nifty futures Opened Down approx 65 points at 5000.It made an opening Low of 4995.05 and manage to hold that all day.Nifty made a high of 5054 before finally settling down @ 5013.
Nifty Managed to hold 5000 level dispite the weakness is encouraging. A Close above 5050 is required to built a fresh strong move at 5250 Area.There is a minor support at 4985 level, But only a close below 4900 level will be negative for the market.
Also to watch this week is the beginning of the result season.This quater there is a surprise early result declaration by Reliance on the 7th, and then Infosys on the 10th.So expect good movement on either side depending on their earning expectation.
Our view on nifty futures is Cautiously Bullish. It has to close above 5050 Area with good Volumes to start fresh Buying. And on the downside the 4900 Area is very strong support.Any dip in nifty futures can be bought with the above mentioned stoploss level.
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