NIFTY FUTURES opened today on a slightly lower to flat note by approx 17 points @ 5462. It made an early attempt to break pass the 5480 mark but failed and in a process made an intraday high of 5475. Nifty futures swiftly moved lower to register an intraday low of 5440 and traded the rest of the session in a range bound pattern , finally closing the day @ 5462.
Nifty Futures is still stuck in a narrow band of 5380 – 5480 level and at present making frequent attempts to break the higher side of the range of 5480 and move higher, but a lack of volume and momentum is not helping Nifty Futures for now. At present we have a short term support at 5420 mark and thereafter @ 5380 and a major support comes in at 5250 level. On the upside a break pass the 5480 mark will take Nifty Futures to 5550 level and thereafter to a major resistance @ 5600 zone. Nifty Futures , with a fresh trigger is poised to break on either side with good 200 points movement.
Our view on Nifty Futures is Flat to Bullish . Nifty Futures is trading in a narrow range of 5380 – 5480 mark , so trades can be initiated on either side with proper stop loss.
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