Nifty futures opened higher by 5 points / flat at 5270. It consolidated in a very narrow range of 50 points for the the whole session. Nifty futures made an intraday low of 5236 and a high of only 5286. It was a low volume day closing the session at 5258.
Nifty futures made an early attempt towards 5300 but met with some profit taking at this level. On the upside, Nifty has very stiff resistance at 5450-5500 zone, but only heavy momentum with high volumes will probably take Nifty to those levels. On the downside there is minor support at 5150-5180 area .
Our view on Nifty future is positive. But there is a lack of momentum/volume for Nifty futures at these higher levels. Any dip in the market around the 5180 area can be used the enter the market on the long side, for our intermediate target of 5450-5500. On the downside only a close below 5150 area will negate the upside momentum.
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