NIFTY Futures opened today with a Gapup of approx 40 points @ 4046. It made an intraday high of 5054.It spent almost first 3 hrs consolidating in a narrow range of 20 points and finally broke down below 5025 making a low of 4987. Like yesterday, it managed to crawl above 5000 level closing @ 5007.
Nifty is looking a bit weak on the charts. But there seems to be good support below 5000 Area.There is some buying emerging at 4950 - 4970 level.Although, the major support lies @ 4900. A close below this level will open the door towards 4780 Area.On the Upside, It has to close above 5080 to regain some momentum.
Our view on Nifty is neutral for now. It has to close above 5080 Area to restart any fresh momentum. Whereas on the downside a close below 4900 will end any hope towards 5180. It seems that nifty is again stuck in a range of 250 - 300 points ( ie 4900 - 5200 ). This doesnot look like a bull market, be Cautious.
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