NIFTY FUTURES opened almost flat @ 5460 as expected due to uneventful Asian markets . It made a decent attempt to pass by the 5480 mark in the early session but could not do so making an intraday high of 5464. Nifty Futures after trading dull for few hours, finally collapsed to an intraday low of 5417 and closed the day at 5418.50 .
Nifty Futures again seems to be consolidating in a narrow range of approx 100 point ie between 5380 – 5480. On the upside Nifty Futures has to break pass the 5480 – 5500zone with good volumes to meet our intermediate target of 5550 – 5600. On the down side any close below the 5350 level will negate the upward momentum and take Nifty Futures to the next major support of 5250.
Our view on Nifty Futures is Flat to Bullish. Nifty Futures is stuck in a band of 5380 – 5480 and any dips towards the support area of 5380 can be used as a buying opportunity with appropriate stop loss
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