NIFTY Futures opened today on a flatish note @ 5260. With the Good IP numbers coming out today, markets brifely made an attempt towards 5300 again making and intraday high of 5285. But very quickly it wiped out all the gains, and sold off heavily near the highs taking it all the way down to 5200 zone, finally closing the day @ 5209.
Finally, Volatility has returned in nifty futures after a few dull days of consolidation. As mentioned yesterday, breaking of near term support of 5240 will trigger a sell off in nifty futures, thats exactly what happened today. Now the next major support for nifty futures stands at 5150 area.And below that @ 5080 zone. On the upside, there is strong resistance zone at the 5300 level, and only a strong close above those area will resume the positive momentum for nifty futures.
Our view on Nifty Futures has turned Negative for now. Only a decent close above 5300 zone with heavy volumes will resume the upside momentum, and take nifty to higher levels @ 5450 - 5500 zone. On the downside, there is strong support @ 5150 area, And a break below this level will add fuel to the fire taking nifty below 5000 mark.We suggest selling nifty on a minor rally towards 5250 - 5300 area with appropiate stoploss.
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