NIFTY FUTURES OPENED Down today by 95 points below 5000 @ 4990. On opening it sold off heavily making a low of 4946. It found good buying near the medium term support zone of 4930 area. And with the good result from RIL, Nifty Futures bounced off above 5000 level. It made an intraday high of 5075, and met with profit taking by intraday players closing the day @ 5013.
Volitility has certainily returned back in Nifty Futures. The Volumes has also been above average. As mentioned earlier, Nifty has for the moment found some support near the 4930 area. This is going to act as a strong support zone. Below this Nifty futures has the potential to test 4800 level on the downside. On the upside, the resistance doesnot come untill 5080, and above that the next strong resistance zone is 5150 - 5180.
Our View on Nifty Futures is extremely Bearish for now. Unless Nifty Futures do not give a close above the 5180 level, the upside seems limited. Any rally in nifty futures towards the 5100 - 5150
should be used as a selling opportunity for the downside target of 4950.If the Bearish momentum continues ,we could easily see nifty trading at 4800 level.
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