Nifty Futures opened on a flat note @ 4953 at the low point of the day . It rallied almost 100 points to make an intraday high of 5046, but failed to get pass the 5050 mark and met with heavy selling. It regained some buying support @ 4970 mark and finally closed the day @ 5008.
Nifty Futures has once again met with some heavy intraday volatility swinging 100 point on either sides. The near term support for Nifty Futures now comes in at 4950 and there after at the all important level of 4800. Expect heavy selling once Nifty (Spot) goes below 4960 mark. Being an inside day trading range today the resistance still stands at 5050 and there after the major resistance level of 5150.
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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