NIFTY FUTURES Opened Gap down by almost 70 points @ 5200. Nifty did mange to gather some strenght in the morning to get back above 5250, making an intrady high @ 5259.But towards the Europe Opening, it again sold off , closing just shy of 5200 @ 5208.The intraday low at the opening was 5180.
Nifty,despite the sell off with the RBI annoucement, has managed to held above the important level of 5180 – 5200 zone.The next important support comes in at 5150 area.Only a close below 5150 area will negate the Uptrend and lead the Nifty to much lower levels.On the upside , Nifty Futures has to decisively cross the 5310 level to attract fresh buying.
Our View on Nifty Futures is Neutral to Bullish for Now. As mentioned , only a close below 5150 will prove negative for Nifty and take it to 5000 zone. and above 5310, we could see levels of 5450 – 5500.
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