NIFTY FUTURES ON A VOLATILE PATH ……….
NIFTY futures opened today on a flat note @ 4754 in line with the Asian markets. In the early session it attempted to move lower making an intraday low of 4735 in the process . Nifty futures found support at the 4735 area and rallied the whole day making an intraday high of 4818 and closing the day @ 4791. we are witnessing a very volatile sessions from the last few days , moving the markets both the direction very swiftly.
As in our yesterdays blog ,Nifty has to close above 4850, to negate the bearish sentiment and attract new buying. On the downside a break below 4650 will open room for new selling towards 4530 area.
Our view has now turned from bearish to neutral. Nothing much is happening technically as Nifty is stuck in a range of 4700 – 4800.It as finding good support near the lows of 4700 and finding resistance at 4800-4820 area , as we witnessed today. Any rallies in the market can be short into with appropriate stoplosses.
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