NIFTY FUTURES opened higher today by approx 20 points @ 5435 in line with the 100 points rise in the US markets. Nifty Futures waited for the interest rate news and after that we witnessed a two way movement making an intraday low of 5410 and then to test the 5460 mark , making same as intraday high in the process. Finally Nifty Futures closed the session @ 5433 .
Even with the major trigger of interest rate news, Nifty Futures still could not break the narrow range of approx 100 points between 5380 – 5480 ,made from the last 4 days . On the upside the 5480 mark is acting as a major barrier and market is trying to break that barrier from past 2 days but in vain. Only a close above this level with good volumes and momentum will take Nifty Future towards the 5550 – 5600 target zone. On the down side Nifty Futures has to break the major support 5350 level to negate the up ward momentum and test the next major support @ 5250.
Our view on Nifty Futures is Flat to Bullish. Nifty Futures is giving enough trading opportunity to traders ,since it is stuck in a trading range of 5380 – 5480 . The trend is on upside, and any dips can be bought into with proper stop loss.
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