Nifty futures opened Gap up of 40 points @ 5020. It managed an attempt towards 5050, but very quickly gave up a fight and in early session went below 5000.Nifty closed on the low at 4930.
Nifty futures closed near the bottom of the range @ 4930. It has formed a channel with a bottom at 4900 - 4920 and top of 5085.But with the start of Result season and after 2 Big annoucements (Reliance Bonus and Infy), the market sold off. Now the only saviour is Banking sector.A Major crack will appear if there is a Disappointment of any kind in the Results.
Our View on Nifty Futures is Neutral. Only a decisive close below 4900 will trigger fresh downward momentum. the near term support is all the way down to 4780 - 4800. And on the upside , it is making lower tops in intraday charts. So only a decisive break above 5080 will leed the nifty to much higher levels.
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