Nifty futures opened the early session day with a gap up of appox.20 points@ 5225 , and traded most part of the session in a very narrow range of 20 points between 5210 and 5232, but found good momentum in last 2 hours to trade at the high point of the day at 5247 closing at 5243. Nifty future seems to poise for the move up towards 5300 zone. volumes in the market was very low. Option data suggests a good build up of postions at 5200 and 5400.
Our view on Nifty futures is bullish. on the upside we have a minor resistance at 5275 area and thereafter at 5300 zone. Only a move past this zone with a good volume will open th doors towards 5450-500 resistance area. On the down side we have a minor support at 5180 area and thereafter at 5130 zone. Only a beak of this level will quickly move the prices towards the major support area of 4930. Any dip in nifty futures should be used as a buying opportunity with appropiate stoploss.
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