NIFTY futures opened higher today with a gap of approx 40 point in line with DOW JONES & ASIAN markets at 4937 , which was the high point of the day and there after melted the whole day down to make an intraday low of 4807 . Nifty futures closed at almost the low point of the trading session at 4818.
As mentioned earlier Nifty found good resistance at the 4950 area. On the upside Nifty has to give a close above the immediate reistance of 4950 to negate the bearish tone. Any breach of 4950 zone with good volumes , will take the Nifty all the way upto 5050 strong resistance zone. On the downside seeing the bearish momentum continue , we could easily retest the recent lows of 4760. Breaking of this support area could take the Nifty quickly towards 4630 and thereafter towards the major support at 4550 zone.
Our view on Nifty is neutral to bearish. Any rallies towards the 4950 area could be used as the selling opportunities , for immediate target of 4760 and with more bearish momentum , we could head toward strong medium term support zone of 4550.
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