NIFTY Futures opened today on a flatish note at yesterdays closing levels. It opened @ 4948, and very quickly found support at those levels.It made several attempts to break pass minor resistance 5025 Area as mentioned yesterday, but failed to conquer that level. Nifty Futures closed the week @ 5001.
Nifty Futures spent the whole day consolidating its gain from yesterday. Now 5025 level is turning out to be an important Resistance level and break of which will add momentum to the rally taking it to 5165 Area. On the downside there is a minor support @ 4920 area.
Our View on Nifty Futures is Positive. We still maintain buying Nifty on every dip unless a break of 4920 Area. Only below this should nifty enter in a neutral Zone. So, Now a break above 5025 is needed to add fuel to fire and take nifty to 5165. On the downside, a close below 4850 will end the upside momentum taking nifty to 4535 Area.
Our closed trade for today:
UNITECH: BOUGHT @ 87.80 ( 9.11.09 ) - SOLD @ 83.40 ( 13.11.09 ) = LOSS 19800/-
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