Nifty futures opened higher by 37 points in line with DOW JONES at 5280. It consolidated in a very narrow range of only 32 points for the the whole session. Nifty futures made an intraday low of 5263 and a high of only 5295. It was a non eventfull day from the opening ,closing the day at 5276.
Another day of new high in a new year. Nifty futures made an early attempt to pass by 5300 but met with some profit taking at this level. On the upside, Nifty has very stiff resistance at 5450-5500 zone, but only heavy momentum with high volumes will probably take Nifty to those levels. On the downside there is minor support at 5150-5180 area .
Our view on Nifty future is positive. But there is a lack of momentum/volume for Nifty futures at these higher levels. Any dip in the market around the 5180 area can be used the enter the market on the long side, for our intermediate target of 5450-5500. On the downside only a close below 5150 area will negate the upside momentum.
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