NIFTY IN A TWO WAY MOVEMENT………..
Nifty futures opened with a minor gap up of 25 points @ 4815 , despite a positive closing on Dow. It made an intraday high of 4823 but quickly broke below the 4750 mark and made an intraday low of 4740. It closed the day @ 4757.
Market is experiencing a good two way movement and is stuck in a band of 100 points. Expect good bout of fresh buying above the 4820 – 4850 area, which will take the Nifty futures all the way upto 4950 zone. On the downside, a break below 4720 will hamper any hope of recovery and swiftly take the Nifty towards the 4660 – 4670 support zone.
Our view on Nifty futures is Bearish to Neutral. Nifty is stuck in a very narrow range of approx.150 point between 4670 to 4820 zone. A break on either side will trigger a good 200 point movement in Nifty futures.
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