NIFTY Futures opened on a flat note @ 5055 , due to the flat trading in US and Asian markets. It tried to move lower in the early part of the session ,but found buying support making an intraday low of 5018 in the process. Nifty futures rallied in the second half of the session to make an intraday high of 5108 and met the selling pressure at that level, finally closed the day @ 5065.
Nifty futures seems to be trading in a range of 4950 – 5120, and has managed to hold the 4950 mark on the down side. On the upside it is trying to break pass the 5120 mark , but is meeting with selling pressure , due to global cues. The levels to watch for is 5000 and thereafter the important 4950 mark on the down side and 5120 - 5150 mark on the upside. A break on either side will give good momentum to Nifty Futures , to move in that direction.
Our view on Nifty Futures is Neutral to Bearish. Nifty Futures is stuck in a band of 4950 – 5120 range, giving ample volatility to the markets.
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