Nifty Futures opened today on a flat note @ 5235 near yesterday’s closing price. It was almost the low point of the day and Nifty Futures continued its upward journey throughout the day. In the process, it even managed to get pass the 5300 mark, making an intraday high of 5314. It finally closed the day at the 5300 level.
Despite today’s good momentum , Nifty Futures is still struck in a Triangle pattern on intraday charts. It is almost 2 weeks ,since it is trading in a narrow range of almost 100 points. On the upside, the triangle pattern resistance comes in at 5320 and only a close above this level with good volumes will give a medium term target of 5600. Being cautious, watch out for a close below 5200 mark, as this will be bearish for Nifty futures and vulnerable to more losses towards the 5050 level.
Our view on Nifty Futures is Neutral . As it is stuck in a narrow of almost 100 points, it’s advisable to wait for a decisive break on either side of the triangle pattern , for a good 200 point move.
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