NIFTY FUTURES OPENED Today on a negative tone in lines with Dow jones @ 5270, down by almost 50 points.It made an early intraday high at 5275 and melted down towards the support zone of 5200.Nifty Futures made a low of 5231, but managed to gain ground and closed the day @ 5259.
Nifty Futures has made a triangle formation on the intraday charts.A close below 5220is required to break below the triangle pattern giving us a target of 5100. And if the momentum continues, we could slide all the way down towards 4950 area.On the upside , we could test resistance at 5320 zone now.But only a close above 5350, will lead to a major recovery.
Our view on Nifty Futures is Negative. Any rise of Nifty futures should be used as an opportunity to short the Market with a stoploss of 5350.
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