NIFTY FUTURES ON A VOLATILE PATH…………………..
NIFTY Futures opened today on a big gap down by approx 52 point @ 5018 in line with the weakness in US and Asian markets. It quickly went lower to test the 4950 mark making an intraday of 4962 in the process and found good support at that level. Nifty Futures made a sharp recovery towards the second half of the session making an intraday high of 5075 and finally closing the day @ 5055.
Nifty futures has managed to hold itself above the 4950 mark making it slightly positive for the time being. The next levels to watch for are 5150 and thereafter 5220 on the upside and 4950 on the downside. Any close on the down side below the 4950 mark with good volumes will take the markets to lower levels. On the upside a close above the 5220 mark will lend some positive movement to the markets.
Our view on Nifty Futures is Neutral to Bearish. Nifty Futures has managed to hold the important support of 4950 for the now. It is likely that Nifty Futures may trade in a band of 4950 and 5150 for time being.
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Monday, May 17, 2010
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