NIFTY FUTURES OPENED Weak in line with its Asian Peers by 17points @ 4996. It managed to find some support in the early hours making a Low of 4976.Nifty made a good comeback breaking pass 5000 level and racing towards 5050 area. It made an intraday high of 5039 but met with some heavy selling , closing the day @ 4992.
Nifty futures is not showing any signs of Upward momentum for now. The Rally today near 5039 happened to be a Dead Cat bounce which will take the markets much lower if the 4930 area is broken.The upside resistance in nifty futures now stand at 5080 zone , and only close above 5150 level will change the bearish view.
Our view on Nifty Futures is still bearish. The nifty is consolidating its losses after very big downside days. On the downside , taking out the 4930 area will prove very fatal for the whole market. The next big support for nifty doesnot come until 4800 which is 200 points lower than here. On the upside, only a close above 5130 - 5150 zone will reinstate the upside momentum taking it back towards 5300 level.
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