NIFTY Futures opened today Flat @ 4999. But very quickly tested support near 4960 area. It met with heavy buying near 4965 Level taking Nifty pass 5000 level.It made an intraday high fo 5043.Near the end of the session, it soldoff heavily closing almost near the low point of the day @ 4971.Nifty made a two way movement today between 4965 - 5050.
This kind of Volatility is found near the Top or Bottom of the market.Nifty has twice failed mesirably to break above 5050 Area. It has to now atleast close above 5050 level to make an attempt towards high @ 5170.On the downside, there is strong support near 4900 area.
Our view on Nifty Futures is neutral. Only a close above 5050 Area will add new momentum to the market. And on the downside, a break below 4900 Level will signal an end to the upmove.So we advice cautious as we have closed lower today.And any follow through will be bad for Nifty.
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