NIFTY Futures Opened today almost flat @ 4838. It was the high point of the day ie 4840, Nifty sold off breaking below 4800 mark. It made an intrady low of 4777 and closing the day just shy off 4800 @ 4797.
Nifty Futures met with some selling pressure near the resistance @ 4850 level. Bharti Airtel was one of the reason for the two way choppy session. On the upside, Nifty futures has to close above 4850 mark to result in heavy short covering and attract New buying.Whereas, on the downside, the key support for nifty is at 4740.
Our View on Nifty Futures is Neutral to Positive. Nifty has managed to stabalize near the current levels. Now, only a close above 4850 is required to achieve our medium term target of 4950, and if momentum continues @ 5050. On the downside, a break below 4740 zone will lead a retest of 4670 zone.
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EXAMPLE.....
INDEX : NIFTY FUTURES
QTY : 100 SHARES
MARGIN : INR 70000/-
RETURNS : INR 20000/- AVG/MNTH
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