Nifty Futures opened lower by approx 25 points @ 5235 as expected due to the weakness in US and ASIAN markets . It tried to move higher in the early session to pass by the 5250 mark but could not do so making an intraday high of 5245 in the process , and finally moved lower to make an intraday low of 5202 , closing the day @ 5225.
Nifty Futures is still stuck in a narrow range of 5200 – 5350 ignoring any positive or negative cues from the global or domestic markets. A close below the 5200 mark and there after the 5150 level with good volumes will take Nifty Futures to lower levels. On the up side the important level to watch for is @ 5300, and any closing above this will take Nifty Futures to higher levels.
Our View on Nifty Futures is Neutral. The important triangle pattern formed on intraday charts is still valid , and are waiting for the Nifty Futures to break the triangle on either side with good momentum and volume. The upside resistance is @ 5325 and the downside support of the triangle is around 5210 area.
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