Nifty Futures opened today with a heavy gap down of 106 points @ 5011 on account of bearish US , Europe & Asian markets. It made an intraday double bottom at the lows of the day ie 4985. Attracting some short covering at the lower levels, Nifty Futures managed to crawl back above the 5000 level ,to make an intraday high of 5032. It closed the day at 5029.
Volatility is the name of the game from past couple of weeks. Nifty Futures has made an important support zone around 4800 levels. There is a channel formation on the intraday chart suggesting an upside of 5200 and the lower channel support is at 5000 mark. Only a close below 4980 – 5000 zone will be negative for Nifty Futures , and take it down lower towards the 4800 mark. On the upside, the minor resistance is now stands at 5125 and only a close above the 5250 mark will negate any down side momentum and take Nifty Futures to higher levels.
Our view on Nifty Futures is Neutral to Bearish. Any rallies towards the 5125 mark , should be treated as a selling opportunities with proper stoploss for an immediate target of 4950 and thereafter at 4800 mark.
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