NIFTY FUTURES Opened today with a minor gap up of approx 15 points @ 5279.It made an earily attempt to break pass 5300, and in the process made an intraday high of 5296. And towards mid session Nifty made an second attempt towards 5300, but met with some selling and broke below 5250 briefly.Nifty futures made an intraday low of 5245, and finally closed the day at 5264.
Nifty futures seems to lack the Volume and Momentum it needs to break above the 5350 area.Nifty is showing some weaknesss on the charts as its inability to even stay above the 5300 mark.Now, a close below the 5180 is needed to confirm the end of short term uptrend and take Nifty Futures all the down to 5000 level.On the upside, break above 5300 area is required to gather some momentum.
Our View on Nifty Futures is Bullish. The 5180 - 5200 should be watched very closely as any breach below this with heavy volumes will trigger the short term direction for Nifty Futures. As mention , only a close above 5300 will attract renewed Buying interest in Nifty Futures.
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