Nifty futures opened today with a gap up of approx. 30 points @ 4785. It quickly managed to scale above 4800 mark in the early session and made an intraday high of 4849. Nifty spend the whole day above the 4800 level and closed the day at 4832.
Nifty made a new high today above 4825 , which is positive for the market. Now only a close above 4850 area with good volumes is needed to take Nifty towards 4950 zone and with positive momentum we could go all the way above 5000 level towards 5050 .On the downside the support, now comes in at 4720 area.
Our view on Nifty future is positive for now. Only a break below 4720 support area , will reinstate the downside momentum again and take Nifty below 200 day moving average towards 4530 area . Any dips in Nifty should be used as a buying opportunities for the near term targets of 4950 and thereafter 5050 level.
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