NIFTY FUTURES Opened today higher by approx. 15 points @ 5224 after a positive sentiment from US and ASIA . The opening of 5224 was almost the low point of the day and quickly moved higher towards an intraday high of 5272 . Failing to cross pass the 5280 area Nifty futures sold off towards 5227 in the mid session , finally closing the day @ 5244.
Closing above the 5200 mark for the second consecutive day is very positive for Nifty Futures, to move towards 5300 zone and higher.Nifty hit the minor resistance area between 5270 - 5280.The closing above this area with good volumes will take Nifty Futures all the way upto 5350 - 5400 levels.On the down side, 5200 area seems to act as a minor support .
Our View on Nifty Futures is Positive. Any Dip in Nifty futures towards 5200 area should be used as a buying oppurtunity with proper stoploss , for a medium term target of 5350 - 5400 zone. Only a close below a major support of 5080 will now end this Upmove.
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