Nifty Futures opened higher by approx 24 points @ 5286 as expected , due to the positive opening in Asian markets. It immediately tested the 5280 area , making an 5276 as an intraday low in the process. Nifty stayed in the narrow range of 5276 - 5294, most part of the day, but gained good momentum in the last few minutes to make an attempt to pass by the 5325 area , but failed in the process and finally closed the day @ 5305 , making an intraday high of 5330.
Nifty futures is unable to cross pass the 5325 - 5350 area ,even after repeated attempts due to lack of Volume and Momentum it needs to break this zone. Nifty Futures showed some weakness in the last few days but found good support int the 5250 area. Now a close below the 5250 with good volumes will take the Nifty towards the 5150 - 5180 area.On the upside a comfortable close above 5325 - 5350 area is required to take the markets towards our immediate target of 5450 - 5500.
Our View on Nifty Futures is Bullish. The 5250 area should act as an immediate support for Nifty on the down side . The major support now comes in at 5180 - 5200 area. On the upside the area to watch is 5325 - 5350 zone.
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