NIFTY FUTURES OPENED TODAY on a slight positive tone @ 5427.It very quickly made a new intraday high @ 5453 and sold off almost the whole day.The selling gained momentum in the last hour and Nifty Futures broke below the 5400 mark and closed at almost the low point of the day @ 5283.
Nifty futures is going through a bout of Profit taking.Expect Nifty to consolidate in a narrow range of 100 points from the high's.There is minor support for nifty futures at 5320 area.And only a close below 5200 level will end this near term upmove.On the upside, Expect some resistance near today's high of 5450 zone , and thereafter @ 5500 mark.
Our view on Nifty Futurse is Positive.Today's selloff should be used to re enter Nifty Futures at lower levels with appropiate Stoploss.Our immediate target of 5500 level is still intact.
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