NIFTY FUTURES OPENED TODAY @ 5233. It made an early attempt towards 5250, making an intraday high of 5247 in the process. It spent the whole day consolidating and regained some intraday momentum towards Europe Opening making a low of 5195.But met with some profit takings at the lows and thus Nifty futures closed the day @ 5215.
Nifty Futures is showing some sign of fatigue / weakness from last 2 days. A comfortable break below 5150 area will add fuel to fire taking nifty to much lower levels. Also the midcaps and smallcaps stocks seem to enter the negative zone. Only a close above 5290 , will trigger fresh momentum and would take nifty to 5500 Zone.
Our view on Nifty Futures is Neutral to Bearish for now. Any rally in Nifty futures can be used as a shorting opportunity with apppropiate Stoploss. And any dip towards 5150 area can be used to buy for short term gains. Nifty futures is stuck in a narrow range of 150 points with a Negative Biased.
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