NIFTY FUTURES opened today on higher by approx 30 points @ 5475 in line with the positive closing from US markets. It was almost the intraday high point of the day and continuously melted down from there as the session progressed , making an intraday low of 5428 in the process . Nifty Futures closed the session @ 5444.
Nifty Futures touched the resistance of 5480 in the early session and corrected from there towards the 5420 level. On the upside Nifty Futures seems to find the selling pressure emerging at 5480 level and a break of this level will take the market to a next crucial zone of 5550 – 5600. On the down side the level of 5350 seems to be acting as a s major support zone . Expect the Nifty Futures to trade in a range of 5350 – 5480 area for now
Our view on Nifty Futures is Bullish. Any dips towards the 5420 area should be used as a buying opportunity with proper stop loss for a target of 100 points from this level.
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