NIFTY Futures Opened Today almost near yesterdays close at 5274. It spent the whole mid session trading in a narrow range of only 30 points. But after Europe Opening around 1.30 pm , Nifty Futures sold off making an intraday Low of 5212, and closing the day almost at the lows @ 5225.
As mentioned earlier, Nifty Futures is struck in a very narrow range. But there is sign of breaking out of this consolidation, a break below 5150 - 5180 will end this up move and take nifty towards 5000 zone. On the Upside , Only a break pass 5300 with Heavy Volume will re start the positive momentum.
Our View on Nifty Futures has turned Negative to Neutral. Now It has to give a close below 5150 mark to confirm the Bearish Breakdown. This will take Nifty Futures to much lower levels if the momentum is strong ie below 5000 area. Only a close above 5300 will negate the downside move and take nifty to our intermediate target of 5450 - 5500 zone.
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