NIFTY Futures opened today on a positive note up by almost 20 points @ 5275. In the very early session it tried surpassing the 5300 level but failed making an intraday high of 5295 in the process. Nifty sold off slowly and gradually the whole day. It made an intraday low of 5248, and managed to close the day at 5257.
Nifty is lacking momentum to break pass the 5300 level for the time being. The Volumes seems to be diverted to midcaps and small cap stocks for now.But this is going to be a short term process.For nifty , break below the 5230 area will take nifty futures to much below trading range from the current highs.The strong support for nifty now stands @ 5150 zone. And on the upside , the resistance seems to be at 5450 - 5500 zone.
Our view on Nifty futures is Bullish. But it is lacking momentum / Volumes for now , this is the only worrisome point. On the downside, there is good support @ 5150 area and below that strong support stands all the way down to 4930 zone. On the upside, 5350 acts as a minor resistance, and the strong resistance point do not come untill 5450 - 5500 zone.
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