NIFTY TUMBLES BELOW 4950 ……….
NIFTY Futures opened on a weak note with a huge gap down of 60 points @ 5006 due to the negative sentiment from the US and Asian markets. It held the first half of the session making an intraday high of 5020, but quickly crashed from that level ,once the European markets opened, making an intraday low of 4901 and finally closing the day @ 4925 . The fall was triggered due to the weak global cues and jitters in European markets.
Nifty futures has broken and closed below the important level of 4950 ,opening the door for more weakness in coming sessions. Nifty Futures may find a minor support @ 4900 level , but the next major support comes in @ 4800 – 4820 zone. On the upside we may find minor resistance @ 4980 area and thereafter the major selling pressure may arise @ 5050 – 5050 zone.
Our view on Nifty Futures is Bearish. Nifty Futures has finally broken down the important 4950 area , making it vulnerable to test the next major support @ 4820 level. On the upside the major resistance now lies in @ 5020 , were we may witness a fresh bout of selling pressure.
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