Nifty futures opened today on a flat note @ 5191. It quickly made an intraday low in the beginning @ 5175 and rallied almost the whole day. Nifty futures made a fresh 2009 high @ 5225, but towards the end session it met with some profit taking. Nifty closed the day @ 5195.
Nifty futures made a new high for 2009 which is very positive. The only hurdle is that it came with a very low volume. But still chartically this is very bullish. On the upside now the resistance is all the way @ 5275 and then @ 5400 area. On the downside, there is minor support at the 5135 zone , but the major support now stands @ 5000 zone.
Our view on Nifty Futures is Bullish. Any dip in nifty futures should be used as a buying opportunity with appropiate stoploss. Only a break of 4930 zone will end the upside momentum, and take nifty to much lower levels. On the upside , the nifty futures has strong resistance @ 5280 area and above that nifty could test 5450 zone.
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