Nifty futures opened today with a Gap up of around 35 points @ 5087. Finally it managed to gather momentum to break past 5089 and making an intraday high of 5130.It held up gains the whole day and closed up 64 points @ 5119.
Todays nifty close is very important based on charts.It has managed to close above 5089 and also made a new high.Finally it has also closed above the congestion zone of 4900 - 5080.Now the upside target for this move works out to be 5200. On the downside the support is @ 4900 Area.
Our view on Nifty futures is Bullish. Todays closing is extremely positive. The volume has also been good. The near term target for this upside is 5200, and then if there is strong momentum it could also rally all the way up to 5375.On the downside, there is a minor support zone @ 5000. And a major support now lies @ 4900.
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