Nifty Futures opened flat to higher today by 9 points @ 5380 as expected due to the flat trading in most of the Asian markets. It gained momentum in the mid session to make an intraday high of 5398 , but failed to cross the 5400 mark ,as a result quickly sold off towards the 5350 support area , making an intraday low of 5343 and finally closing the session at 5381.
Nifty Futures has climbed towards the new high today at 5398 giving the positive ques to the market. Todays 3rd consecutive close above the 5350 support zone is positive for Nifty .On the downside 5350 may act as an immediate support followed by the major support of 5250 thereafter . On the upside the level to watch for is 5450 and thereafter the major resistance area of 5500.
Our view on Nifty Futures is Bullish . Dips in the Nifty Futures towards the 5350 area should be used a buying opportunity with proper stoploss for target of 5450 - 5500 . A close below the major support of 5250 with good volumes will take Nifty to lower levels.
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