NIFTY FUTURES opened today on a Flat note @ 5440 despite the positive cues from US & Asian markets. It tried to pass by the 5450 mark in the opening session , but found bout of selling pressure making an intraday high of 5448 in the process. Nifty Futures made an intraday low of 5418 in the mid session and finally closed the day on a dull note @ 5435 . Today’s trading range was only 30 points from the low to high.
Nifty Futures is unable to pass the stiff resistance of 5480 and is meeting fresh bout of selling pressure , every time it makes an attempt to break pass this resistance. On the down side it is meeting with fresh buying @ 5380 level. It seems that Nifty Futures is stuck in a narrow range of 5380 – 5480 level and is looking for fresh trigger to break the range. Nothing much is happening in Nifty Futures and all the action is shifted towards individual stocks. The levels to watch for are 5480 and thereafter 5500 on the upside and 5350 and thereafter 5250 on the down side.
Our view on Nifty Futures is Flat . Since it is stuck in a narrow range , any dips could be used as buying opportunity with proper stop loss.
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