NIFTY Futures opened on a gap down by almost 100 points @ 4851 due to the major slide in US,Europe & Asian markets . It opened on the low point of the day and found good buying support at that level rising through out the day to register an intraday high of 4943 and finally closing the day @ 4927. Nifty Futures witnessed a very volatile session and a big trading range of 100 points.
Nifty futures tested the level of 4850 in the opening and found good support at that level. The major support level on the down side to watch for is 4820 – 4850 zone and a break of this level will take the markets still lower to 4700 mark. On the upside the major resistance comes in @ 5020 mark, were we may witness fresh bout of new selling pressure emerge . Any rallies in the Nifty Futures should be taken as a selling opportunity, with a proper stop loss.
Our view on Nifty Futures is Bearish. The important levels to consider are 4820 – 4850 zone on the down side and 5020 level on the upside. Nifty Futures is showing a downside bias. Only a closing above the 5020 mark with good volumes and momentum ,will be positive for the markets.
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