Nifty futures opened today weak to flat at 5035 in line with global cues. It found buying support at 5000 psychological level and took nifty past 5050 to make an intraday high of 5068. Nifty met with some selling pressure near yesterdays high and closed the day at 5030.
Nifty futures seems to find good buying support at 5000 level which also happens to be 50% retracement of the recent up move from 4800 to 5200 level. Now only a break below 5000 will trigger fresh wave of new selling taking it all the way down to 4930 area. On the upside a break past 5080 resistance will trigger short covering taking nifty to 5125 area.
Ou view on nifty futures is bearish. Today has been an inside day bar on the daily charts , which suggest a a non directional / consolidation pattern. Only a cross above 5080 will trigger more upside for nifty and a break of 5000 area will lead to trend continuation taking to 4930 zone and if momentum continues will take to 4800 levels.
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