NIFTY FUTURES OPENED Today on a flat tone @ 5382 after the late recovery in US markets. It was stuck in a very narrow range of only 33 points ,making an intraday high of 5412 and intraday low of 5379 . Nifty Futures closed the day on a dull note @ 5399.
Nifty Futures is stuck in a very narrow range of 5350 – 5420 from last 7 days and is looking for a trigger to break out of this trading range. On the upside we have a minor resistance @ 5420 and there after the major resistance comes in between 5450 – 5480 zone and any movement pass through this price with good volumes will take Nifty Futures all the way towards our intermediate target level of 5600. On the down side a break and closing below the 5350 mark will take Nifty Futures towards a major support @ 5250 , which is acting as a major buying zone for now.
Our view on Nifty Futures is Flat to Bullish. Any dips in Nifty Futures toward 5350 area could be used as a buying opportunity with appropriate stop loss.
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