NIFTY FUTURES HITS NEW 52 WEEK HIGHS................
Nifty Futures opened flat today @ 5291 , but very quickly gained momentum and went pass the 52 week high, making an intraday high just shy of 5350 at 5244. The intraday trading low was near the opening at 5179, and Nifty closed the trading session at 5323.
Nifty futures close above 5300 level is quite bullish for the markets. The next minor resistance comes around 5350 area. Nifty futures still lacks the momentum it requires to achieve our medium term targets of 5450 - 5500 zone. On the downside a break below the minor support of 5270 will temporary halt the short term uptrend and take the Nifty down towards the major support area of 5180 - 5200.
Our View on Nifty Futures is Bullish , as today Nifty closed above the all important level of 5300. The next important levels to watch for are 5270 on the down side and 5350 on the upside. Only a close below the 5180 area will negate the upside momentum.
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