Nifty futures opened today with a gap of 35 points @ 5163.That was almost the high point of the day and sold off below 5150 to make an intraday low of 5094.Finally nifty futures closed @ 5106.
Nifty is lacking momentum for the moment. There seems to be hidden selling pressure on every rise towards new high. Though this has no effect on the charts but seeing Dow, Nifty should be @ 5250 Area.There is more momentum in individual stocks than nifty.
Our view on Nifty futures is Bullish. On the upside nifty has resistance @ 5180 -5200 Area, and beyond that at 5350 level. On the Downside, there is minor support @ 5050 Area and below that at 4900 level.So any close below 4900 will be devastating for the upside momentum. Any dip near 5050 could be bought for higher levels.
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