LATE RECOVERY IN NIFTY FUTURES.........
NIFTY Futures Opened today down by 60 points @ 5071.With the Global cues very negative at the open it touched an intraday low of 5053.But very quickly it found some support near the lows and in the lale session it manage to climb above the 5100 mark, closing at almost the high point of the day @ 5131.
The Nifty Future has managed to recover its losses on the back of some recovery by the European markets in the late session.On the upside , there is a trading zone between 5160 - 5180 which may act as minor resistance.The major resistance is all the way upto 5250 mark. And on the downside, the 5050 area will now act as a minor support and the next major support will come in at 4950 zone.
Our view on Nifty Futures is Bearish. Only a close above the 5250 level with heavy Volume will negate the downside momentum and take Nifty Futures towards 5400 zone again.Any rally should be used to enter the market on the sell side with appropiate stoplosses.
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