NIFTY Futures opened today on a weak note in accordance with Asian & US market @ 4960 This was almost the high point of the day. It made a brief attempt to pass by yesterdays close, but sold off heavily after RBI Credit Policy announcement. It broke all important levels and closed below 4850 Area as well. Nifty closed the day @ 4840.
Nifty has broken down below 4900 which is bearish. Now the near term minor Resistance stands all the way upto 4950 - 4965 Area. And the Major Resistance lies @ 5050 Level.And on the downside, The next major support stands @ 4790 Area.
Our view on Nifty is Bearish with an immediate target of 4790. And if downside momentum continues, it may fall all the way to 4580 level.And now any pull backs can be used to short Nifty. On the Upside, only a close above 5050 Area will give rise to upside momentum.
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