Nifty futures opened today on a flattish note at 5268. Nifty traded the whole session in a very narrow/lackluste range of only 27 points. The high point of the day was 5272 and the low was 5245. Nifty futures closed the day almost uneventful @ 5255.
Nifty future is going through a consolidation mode with very little volume. With the on going earning season, the market has turned stock specific and very little attention is paid to Index. Nifty futures has to break past the 5280 - 5300 zone with reasonable voluumes to gather upside momentum. The next possible upside resistance comes at 5380 - 5400 area. Similarly on the downside the support band now stands at 5150 - 5180 area.
Our view on Nifty futures is positive to neutral. On the upside a break of 5300 area will take us quickly towards our immediate target of 5450 - 5500. On the down side only a close below 5150 will negate the up move and lead to profit taking.
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