Nifty futures opened today on a flat to high note @ 5276 as expected from yesterdays last hour rally due to expiry. The opening was almost the low point of the day and Nifty immediately scaled towards the 5300 mark, making an intraday high of 5310 in the process. After repeated attempt to break pass the 5310 mark, Nifty futures finally closed the day slightly lower @ 5291 mark.
Nifty futures for now seems to be holding the 5250 – 5270 area pretty firm. Important zone of 5180 – 5200 will act as a strong support and any break of this level will take Nifty future down to next support level of 5100. On the upside a break of 5300 – 5320 zone with good momentum will take Nifty Futures towards the next target of 5450 – 5500.
Our View on Nifty Futures is Bullish , as today is the second consecutive close above the important support area of 5250. The next important levels to watch for are 5180 on the down side and 5320 on the upside. Any dips in the market near 5250 – 5270 area can be used as a buying oppurtunity with proper stoploss.
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