Nifty futures opened today on a flatish note @ 5029. It found very good support at the 5000 mark.Heavy buying from this area quickly lifted Nifty pass 5050 area and made an intraday high of 5172 in the process. It manage to save 5000 level despite several attempts and finally closed the day above 5050 area @ 5057.
Nifty futures met with heavy resistance near 5070 area. The strong resistance for nifty stands near 5080 zone which happens to be 50% correction from the recent low ie 5004. On the upside a break pass the 5185 will trigger a wave of short covering taking it much higher.On the downside, now a move below 5000 will give rise to more selling taking nifty to 4930 zone.
Our view on Nifty futures is Bearish. On a break pass 5125 zone, and a close above 5185 will end the negative momentum and take nifty to much higher zone of 5350 area.Any rise in nifty futures should be used to short the nifty with an immediate target of 4930, and if momentum continues then towards 4850 - 4800 zone.
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