NIFTY FUTURES Opened today with a gap up of 67 points @ 4902. Due to the Expiry ,Nifty had a very Volatile two way session. It made an early attempt towards 4950 zone making an intraday high of 4935, but met with some selling pressures taking nifty back below 4850. It made an intraday low of 4823 and closed the day at 4867.
There was a strong fight between the Bulls and Bears to take command of the market. The Bulls made several attempts to break Nifty pass 4950 and the Bears fought to drag nifty lower towards 4800. There is very strong support zone for nifty futures at the 4750 - 4800 . Only a break below these important support will open the Door towards 4550 area. On the upside , Nifty has a minor resistance at 4950, and then major resistance point is 5080.
Our View on Nifty Futures is Still Negative. Any Rally in Nifty futures should be used as a selling Opportunity.Tommorrow being an Important Event day, caution is prudent. Only a close above the 5050 zone will end the downside momentum for now. And a break below 4750 will add more momentum on the downside taking it to 4550 zone.
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