Nifty Futures opened today flat in line with Asian markets @ 5325. It made an intraday high of 5331 and around the afternoon session, Nifty immediately broke below the 5300 mark to close at almost the low point of the day @ 5266.
Nifty Futures seems to be entering in a much awaited consolidation mode with some heavy resistance coming around the 5350 mark. The near term downside support now comes in at 5180 - 5200 area. This level should hold for Nifty, to make another attempt towards 5350 area and thereafter towards 5450 - 5500 zone.
Our view on Nifty Futures is neutral to bullish. Only a close below the 5180 mark with heavy volumes ,will end the short term up trend. Any dip in Nifty should be used as a buying opportunity with above mentioned stoploss , for an intermediate target of 5450 - 5500 area.
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