Nifty Futures opened positive in accordance to Global Cues @ 5070.It made a high of 5080, but then continuesly met with selling pressure and below 5050 it gave away ground.It met with heavy selling pressure below 5000, and closed near Low point of the day @ 4972.
Nifty is stuck in a narrow range of 200 points for now. On the upside it meets heavy selling @ 5085 and on the downside there is Double bottom like support @ 4900 Area.This is just not a market that is in a bull run.There seems to be resistance at every 50 points on the upside.
Our View on the Market is Cautiously Bullish. Only a break out of the above mentioned range will trigger a momentum to trade this market.There is more chance for the nifty to touch lower support around 4750 now, than break above 5100.
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