RETURN OF VOLATILITY IN NIFTY FUTURES…….
Nifty futures opened today down only by 25 points at 5192. This was almost the high point of the day and Nifty melted down the whole day. The L&T results acted as an trigger for the sell off , taking Nifty all the way down to 5072 . It closed the day at 5085.
Finally Nifty Futures has regained momemtum with heavy Volumes. It has broken down from the last three weeks consolidation phase. As mentioned earlier , Nifty has broken down from its 5150 support level, which is very bearish. The next major support zone only comes near the psychological 5000 level and if the downside momentum continues , we may see all the way down to 4930. On the upside the immediate reistance now stands near 5230 - 5250 area.
Our view on Nifty futures is bearish for now. Only a close above 5250 area with good volumes will negate the downward momentum. Nifty today has broken down some very important support zones on the daily and weekly charts. This has opened the door for more weakness in the coming sessioins.
Any rallies should be used as an selling opportunities with appropriate stoploss.
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