Nifty Futures opened today on a flat note @ 5030. It made an early attempt to break pass the 5050 mark but failed in the process making an intraday high of 5054. Due to late heavy selling pressure, Nifty Futures tumbled below the 5000 mark and made an intraday low of 4937, finally closing the session @ 4966.
Nifty Futures has broken below the important lower end of the channel support mentioned yesterday @ 4980 level. Todays close below the important support zone suggest further losses in the coming few sessions. The near term support for Nifty Futures now comes in at 4920 and there after at the crucial 4800 level. On the upside , immediate resistance now comes in @ 5050 and there after the major resistance falls in at 5150 mark.
Our view on Nifty Futures is Bearish. Only a comfortable close above 5220 mark with heavy volumes will negate the down side pressure for Nifty Futures. Any rallies should be sold into with appropriate stop losses.
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