NIFTY Futures Opened Today flat to negative @ 5331.It made an early attempt to get pass 5350, and in the process made an intraday high of 5353.Nifty Futures met with some selling pressure near the high's and broke below the 5300 mark. It made an intraday low of 5287, but finally recovered and closed the day @ 5320.
Nifty Futures has an immediate support zone near the 5275 - 5280 area. And a break below this, will take Nifty Futures all the way down to the major support level of 5200.Its forming a triangle pattern on the intraday charts, and a close above 5350 is required to regain some strenght in Nifty Futures. This will take Nifty Futures towards 5450 - 5500 mark.
Our View on Nifty Futures is Bullish. But as mentioned earlier, it is looking toppish on the charts and require a 2% correction from present levels.Only a close below the 5190 - 5200 will end the near term Bullish momentum for now.
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