NIFTY FUTURES Opened on a flat to negative @ 5322 down by 15 points. It was the intraday high point of the day and markets kept on slipping towards the lower levels of 5250. The negative news from Europe dampened the market sentiment and Nifty Futures made an intraday low of 5240 . It finally managed to gain some ground and closed the day @ 5268 .
Nifty Futures broke below an immediate support of 5280 making it vulnerable to more down side. The next major support for Nifty Futures comes in at 5175 – 5180 zone. Only a close below this critical area of 5180 will lead the market toward the psychological level of 5000. On the upside , a close above the 5350 mark will bring back the positive sentiment , taking Nifty Futures towards the 5450 - 5500 zone.
Our View on Nifty Futures is Bearish. The immediate trend is negative for now. Any rise in Nifty Futures should be used as a selling opportunity with a stop loss of 5350 for the medium term target of 4950.
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