Nifty futures opened higher today with a gap up of almost 60 points @ 4905 in line with the Asian markets. It made an early attempt to break 4950 , but failed and in the process made an intraday high of 4917. The SEBI announcement acted as an trigger to sell the Nifty futures near the highs taking it quickly down towards the 4850 zone. It closed the session at almost the low point of the day @ 4850.
Nifty futures seems to be caught up in a very narrow range of approx. 150 point ie between 4800 - 4950 zone. The Expiry and the Budget being just arond the corner, we would see a good Volatile two may movement in Nifty futures.
Our view on Nifty futures is Neutral to Bearish for now. On the upside Nifty has to break pass the stiff resistance area of 4930 - 4950 to achieve the next level of 5050. On the downside, any close below 4800 with good volumes , will trigger a fresh bout of selling taking Nifty futures all the way to 4700 zone.
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