NIFTY Futures Opened today higher by approx 20 points @ 5100 and quickly tested the resistance area which falls at 5125 . But failed in the process making an intraday high of 5117 . It slowly melted down towards 5050 area making an intraday low of 5065. Nifty Futures closed the day @ 5086 almost unchanged from the previous session.
The Nifty Futures closing above the 5050 level for the second continous session is bullish for now. The next upside minor resistance comes at 5125, and the major resistance to watch for is at 5180 - 5200 zone.Nifty futures will need a fresh bout of buying with positive momentum to test the major resistance area of 5180 - 5200. On the downside , the major support for nifty now comes at the 5000 level.
Our view on Nifty Futures is Positive.Any dips in the Nifty Futures towards 5000 area can be used as a buying opportunities with proper stoploss. The major support for Nifty Futures after important 5000 area comes at 4920 level , And the Major resistance stands at 5180 - 5200 zone.
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EXAMPLE…..
INDEX : NIFTY FUTURES
QTY : 100 SHARES
MARGIN : INR 70000/-
RETURNS : INR 20000/- AVG/MNTH
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