TWO WAY MOVEMENT IN NIFTY………….
Nifty Futures Opened today on a flat to negative note @ 5220 . This was almost the low point of the day , and it managed to recover tremendously above 5300 levels. Nifty futures made an intraday high @ 5342 , but could not hold on to the gains and met with heavy selling near the highs. The last hour of the session led to some heavy selling ,taking Nifty futures back to the opening levels down by almost 100 points and closed the day @ 5257.
Nifty Futures seems to be stuck in a range of 5150 – 5400 zone. On the upside , Nifty futures has to close above the 5350 mark , with good volumes to regain the positive upward momentum. On the down side a break below the 5150 area will negate the market sentiment , taking Nifty futures all the way to the psychological 5000 mark.
Our View on Nifty Futures is Neutral to Bearish. Closing below the 5150 mark with good volume is bearish and not good for the market. Only a close above the 5350 area will negate the bearish sentiment. The immediate levels to watch for is 5150 on the down side and 5350 on the upside.
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