NIFTY FUTURES OPENED Today with a gap down of almost 40 points @ 4847. It made an intraday low of 4822 in the first hour and found good buying support near the low which took nifty above 4900 levels. Nifty recovered all the morning losses and made an intraday high of 4924, closing up by approx 15 points @ 4900.
After last weeks heavy selling, Nifty has managed to get some buying support near the lows. Though the volumes are low, but once Nifty futures crosses the 4950 mark we could expect fresh bout of Buying. Only a close above 4950 will end the Bearish sentiment and take nifty to higher levels. On the downside, there is minor support @ 4800 zone and below that the major support now stands at 4750 area.
Our view on Nifty futures is now Neutral. The Bearish sentiment will re emerge on the break below 4800 and if the momentum continue we could also take out 4760 and head much lower towards 4550 zone. Nifty is struck in a band of 4760 - 4950 for now , a break on either side would trigger fresh momentum.
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