Nifty Futures opened today with a huge Gapdown of 65 points @ 4770. It found some support near 4760 Area. It made a brief attempt to breakabove 4825 level in early session.But, failed in the last hour.It met with heavy selling taking Nifty to new Low @ 4748. Nifty had a very bad Oct expiry, closing the series @ 4750.
As mentioned earlier, Breakdown of Nifty below 4900 will end any chances of Uptrend. The fall has been vicious and steep.The Last 4 days has been devastating for the markets.The Nifty now has a strong resistance Zone of 4930 - 4950 Area. Only a close above this Area will give momentum to regain higher levels.On the downside,if the momentum continues, we may test 4575 level.
Our view on Nifty futures is Bearish. On the upside there is strong resistance @ 4950 Area. Any rise in Nifty futures can be used to short the market with the medium term target of 4570 area. Downside there is a strong support zone of 4550 - 4570.
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