NIFTY FUTURES opened today Higher by approx 37 points @ 5408 in line with positive trading in Asian markets. The opening was almost the intraday low of the session @ 5402 and mentioned the positive bias through out the day. Nifty Futures closed at almost the high point of the day @ 5440 , making an intraday high of 5442 in the process.
Nifty Futures has broken the triangle pattern on the upside ,which was forming from the previous 12 session ,and is well poised to move higher . On the upside Nifty Futures will test the time , with major resistance standing in at 5480 zone. Only a positive support from the global markets and a positive commitment from the local markets backed by good volumes will move it higher towards the next major resistance 5500 – 5600 area. On the down side we still have a support in place at 5350 area, and a break of this support will take Nifty Futures towards the next major support @ 5250 zone.
Our view on Nifty Futures is Flat to Higher . Nifty Futures is generating a good buying interest in the 5350 – 5380 zone , as a result any correction in the market can be treated as a buying opportunity with appropriate stop loss.
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