NIFTY Futures once again opened down with a gap of 78 point @ 5014. It made an intraday low of 4976 and an intraday high of 5043. Nifty futures finally closed the day on a cautious note at 5032.
With the European crisis still not settled, expect Volatility to continue in our markets. But even though the trend is down, most individual scrips are heavily over sold on charts.Expect some kind of relief rally if the Greece relief package details is as per the expectation.Nifty has support near the 4950 mark for now.A break below this will take nifty futures all the way down to 4800.
Our View on NIfty Futures is Bearish. But we do not recommend selling Nifty Futures at current levels. Please wait for a relief rally to short into.Nifty futures can rally upto 5150 mark before facing minor resistance. Only a close above 5250 will change the short term direction of Nifty Futures.
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