NIFTY FUTURES opened today slightly lower by approx 12 points @ 5450. It registered an intraday high of 5468 in the opening session, but could not pass through the 5480 mark . Nifty Futures after making an early attempt to go higher , finally failed in the mid session and accelerated the fall in the last hour making an intraday low of 5404 and finally closed the volatile session @ 5406.
Nifty Futures, after making several attempts to break pass the 5480 mark , is witnessing fresh bout of selling pressure and seems to be testing the lower end of the trading range ie 5380 mark .Any level to pass through the 5480 level is met with some heavy selling pressure due to unfavorable global cues and only a comfortable close above this mark will give the required momentum to Nifty Futures ,taking it to higher levels of 5550 and thereafter @ 5600 mark. On the down side we have witnessed good amount of buying coming in at 5350 – 5380 mark and a break of this level on closing basis will take Nifty Futures down very swiftly towards the major support of 5250 mark.
Our view on Nifty Futures is Flat . 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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