Nifty futures opened today weaker in line with the DOW JONES friday closing and Asian markets @ 5239. It made an intraday low of 5232 in the opening and rallied the whole session making an intraday high of 5290 (just shy of 5300 level) and closing the day up by only 16 points at 5270.
There has been no major change in Nifty levels , as no important break on either side has been occured. On the upside Nifty has to break pass the 5320 area to regain momentum and attack higher level towards 5450 - 5500 zone. On the downside the support for Nifty futures now stand at 5180 - 5150 zone. Only a close below this zone will end the positive momentum and lead the market to lower levels.
Our view on Nifty futures is bullish to neutral. As the momentum is still is the midcap/smallcap stocks, Nifty futures is lacking the volumes. It is caught in between a narrow range of approx 150 points that is between 5150 - 5310. Break on either side of the range will provide a good 200 - 300 points trading movement in Nifty.
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