LACKLUSTRE TRADE IN NIFTY FUTURES DUE TO BHARAT BANDH………..
Nifty Futures , despite a rate hike on Friday , opened today on a flat note @ 5240. It spend the whole session in a very narrow range of 30 points , making an intraday high of 5265 and an intraday low of 5235. Nifty Futures closed the day almost unchanged @ 5246.
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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