NIFTY TAKES A BREATHIER TODAY ……….
NIFTY Futures opened on a flat to slightly positive tone @ 4946 as expectation as not much movement was witnessed in global markets. It traded the session in a range of almost 50 points taking a breathier from yesterdays sharp down move. Nifty futures made an intraday low of 4926 and a high of 4976, finally settling the day on a flat note @ 4948.
Nifty futures spend todays whole session in a narrow range of 50 points taking a breathier. As we witnessed today was a second consecutive close below the 4950 mark, giving negative bias to the markets. It seems Nifty Futures may trade in a range of 4900 – 5020 range for the time being. A break on either side will move the market swiftly in that direction.
Our view on Nifty Futures is Bearish. The important levels to watch for are 4900 and thereafter 4820 on the down side and 5050 on the upside. Nifty futures is looking vulnerable to more losses and we may see a break of the support areas , as selling pressure is emerging on every rise.
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Thursday, May 20, 2010
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