NIFTY FUTURES Opened today lower by just 30 points @ 5239 despite the heavy negative cues from US , Europe & Asian markets ,as each markets were lower by more than 2%. Nifty Futures found good buying support at the intraday low of 5225 made in the opening and immediately started its journey upward showing resilence to global markets and registered the intraday high of 5323 up by almost 100 point from the days low. Nifty Futures finally closed the volatile trading session day @ 5320.
Nifty Futures found good buying support at the 5220 mark. There is a good support at 5180 – 5200 zone . Only a close below this support zone will make markets vulnerable to lower levels , and the next major support comes in at the psychological mark of 5000. On the up side Nifty Futures seems to be capped at the resistance level of 5350 and only a close above this level with good momentum and volume will take the Nifty Futures higher to the next major resistance area of 5450 – 5500.
Our View on Nifty Futures is Bearish to Neutral. Nifty Futures seems to be trading in a range of 5200 – 5350 . For now any rise in the market should be treated as a selling opportunity with proper stop loss .
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