NIFTY FUTURES OPENED Today on a Flat note @ 5375 in line with the US & Asian markets. It spend the whole day consolidating in a narrow range of only 25 points, and the sudden bout of buying in the late session , lead Nifty Futures to an Intraday high of 5422 . It finally closed the day near the session high at 5419.
Slow and Steadily, Nifty Futures is grinding higher toward our immediate Target of 5500 mark. On the upside, with a continuous positive momentum , we could easily achieve the levels of 5600 – 5650 . On the downside , the near term support now comes in at 5320 mark. Only a close below the 5200 level will end the short term positive momentum and will take the Nifty Futures back towards the 5000 mark.
Our View on Nifty Futures is Bullish . Any dip towards the 5350 mark should be used as a buying opportunity for our immediate Target of 5500 level.
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