NIFTY FUTURES IN A CONSOLIDATION MODE........................
NIFTY FUTURES OPENED Today very flat near yesterday's close at 5254.It spent the whole day in a very narrow range of only 44 points.Nifty futures made an intraday high of 5284 and an intrady low of 5240.It met with some selling pressure towards the end thus closing the day @ 5243.
As mentioned yesterday, Nifty Futures is struck in a Triangle pattern on intraday charts, unless it breaks on the either side of it, we are in for some more consolidation in Nifty Futures.The downside support comes in at 5220 and a close below this level is required for Nifty Futures to test lower levels.And on the upside, close above 5320 area is required for the upside target of 5450 - 5500.
Our view on Nifty Futures is Negative .As there is so much emphasis on Out performance by our Markets, We are in for some serious melt down if IMPORTANT levels give way as there is lot of catching up to do.So be cautious, Bulls will only be back above 5350 level.
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