SELL OFF IN NIFTY FUTURES ……..
Nifty Futures opened on a flat note @ 5225 , despite positive trigger from US market. It made an early attempt to climb higher towards 5250 in the process made an intraday high of 5238 . Nifty futures failed to hold the 5200 mark and sold off heavily in the late session closing the day down by approx 94 points @ 5131..
Nifty Futures has finally broken below the lower end of the triangle , making the market vulnerable to further losses. Todays close is very important as crucial level of 5200 has been broken. On the down side, the next major support comes in at the 5100 and if the momentum continues we could see levels below the 5000 mark. On the upside the minor resistance now stands at 5250 zone. Only a close above 5320 area would negate the bearish momentum and take Nifty Futures to higher levels.
Our View on Nifty Futures is Bearish. The important triangle pattern formed on intraday charts has broken on the down side. The immediate target of the triangle pattern suggest , lower levels below the psychological 5000 mark towards the 4950 area
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