Nifty futures Opened Today on a flattish note @ 4990. It made a minor attempt in the beggining of the session to get pass 5000, but lost momentum. It met with some selling pressure during the end session, closing near the low of the day @ 4939.
Nifty has given a second close below 5000 mark which is very Bearish. On the down side , the support stands @ 4930 area and below that all the way down to 4800 zone. The Nifty once broke below 4950 it melted down very quickly.On the upside , only a close back above 5050 area will end the near term weakness.
Our view on Nifty Futures is Bearish for now. A break below 4930 zone will trigger a fresh wave of short selling taking it to 4850 - 4800 area. Every rise in the market should be used as a selling opportunity with a stoploss above 5050 zone. And if the selling momentum continues we could also see a break below 4800.
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