Nifty Futures opened Flat today near yesterday's close @ 5275. In very early session, Nifty made an attempt to break pass the 5300, but failed and led to some profit takings.It made an intraday high of 5297 and sold off towards 5250 making an intraday low of 5248 closing the day @ 5258.
With the excitement relating the RIL AGM behind us, and all the rumours of Ambani brothers coming together taking a back seat, Nifty Futures sold off as soon as the AGM was over. Nifty Futures now has a very important support at 5200 level and a close below this will take it all the way down towards 5050 zone.On the upside, 5310 is the near term hurdle for Nifty Futures.Heavy resistance for Nifty Futures stands between 5350 - 5400 area.
Our view on Nifty Futures is Bullish. But Since Nifty is looking very over bought on the charts, expect minor corrections on the way towards 5400 and if the momentum is strong we could get all the way up to 5550.
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