NIFTY FUTURES OPENED TODAY with a Gap down of 41 points @ 4826 in line with Asian Markets. With the Big RBI Announcement, Nifty Futures quickly tested the support @ 4760 area making a low of 4758.It found very good support near lows and this led to heavy short covering and closing at almost the high point of the day @ 4889.
Nifty futures found good support at todays low ie 4760.With the big events out of the way, expect this level to hold for a while. Nifty is very over sold at the current levels and bound to witness a two way side movement. On the upside, there is minor resistance at the 4950 area and then the major one stands @ 5050. On the downside, expect the 4760 to hold for now, But a Break below the 4760 level will lead us down to 4660 and then all the way down to 4550.
Our View on Nifty Futures is Bearish to Neutral for now. The nifty has to give a close above 4950 zone for the short term negative trend to stop and only a fresh move above this level would attract some new Buying.Expect market to consolidate in the range of 4760 to 4950 zone , unless either of the level is taken out.
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