Nifty futures opened higher by 30 points at 4969. It found good support due to short covering and spend the whole day with a positive bias closing at almost the high point of the day at 4996.
Nifty closed the day with a premium of almost 10 points on the cash . Nifty futures is taking a breather after a strong sell off from yesterdays session. It is finding a minor resistance at the 5000 level but the positive momentum will not come untill a comfortable close above the 5050 level.On the downside it has briefly tested the 4930 mark and found good support at that area. A break of 4930 will lead to a fresh new wave of short selling taking it all the way down to 4800 zone.
Our view on Nifty futures is still bearish. Only a close above 5050 zone will negate the bearish momentum. Any rallies in Nifty can be short with a stoploss of 5050 area, with an immediate target of 4930 and with a stong momentum could test the 4800 area.
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