Nifty Futures opened today down by only 23 points @ 5303 in comparision to US & Asian markets which were lower by 1 – 2% each. After opening lower it made continuous attempts to break pass the 5350 mark , but could not do so as a result made an intraday high of 5344 in the process. Nifty futures made an intraday low of 5296 and finally closed the session at the high point of the day at 5343.
Nifty Futures seems to be consolidating in a narrow range of 5300 – 5400. A break of this narrow range of 5300 – 5400 will move the markets heavily in that particular direction. The important support zone lies in between 5300 – 5250 and resistance comes in at 5400-5450 zone.
Our view on Nifty Futures is Bullish. Nifty futures looks poised to break pass the 5400 mark with the serie expiry on coming thursday . Any dips towards the 5300 area can be a good buying opportunity with proper stop loss.
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