NIFTY FUTURES OPENED Today on a muted tone @ 5380.It made an intraday day low of 5371and very steadily gained ground to close the day above 5400 @ 5401.The intraday high for Nifty Futures was @ 5405.
Nifty Futures is consolidating its recent gains for an upmove towards higher levels.The most near term target for Nifty Futures comes in at 5500 level.There seems to be building a head and shoulder pattern on the intraday charts.The neckline of which comes in at 5350 - 5360 area.A close below this area, will swiftily take Nifty Futures down towards the 5230 support area.
Our view on Nifty Futures is Bullish for now.Only a close below 5350 will end the near term bullish sentiment and take Nifty Futures towards 5225.On the upside, we maintain our immediate target of 5500 zone.
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