WOW!!!! WHAT A COMEBACK.
NIFTY Futures made a tremendous comeback for Today.Right from the word go ie Open it rallied the whole day on Heavy Volumes. Its been a One way rally for nifty futures.It Opened @ 4997 near yesterdays close and soon rallied past 5050, to gather fresh momentum closing the day at the high point @ 5156.
Nifty went through a bout of short covering lead by most A group stocks. Once it crossed the important 5050 area , a fresh buying emerged taking it pass 5100 zone. The momentum has definitely turned positive taking everyone by surprise. On the upside now, a breach of 5185 zone will trigger a new Buying taking it all the way upto 5300 zone. On the downside, only a break below 5050 will end the upside.
Our view on Nifty Futures is Bullish. A close above 5050 mark has set a renewed trigger to attack the 5185 zone. And a break of this level will take Nifty futures beyond 5300 area.On the downside, there is minor support at 5050 area, but the major support for nifty now stands @ 4930 Zone. Any dip in the market should be used to buy nifty with a target of 5200, and beyond that to 5300 level.
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