NIFTY FUTURES opened today on a dull note @ 5420 as expected due to the lacklustre trading in Asian markets. Nifty Futures tried to break the 5420 mark in the opening session , but found good buying support making the same intraday low of 5420 in the process . It started the climb towards the higher levels throughout the session , but found renewed selling pressure at the 5480 level in the last hour making an intraday high of 5478 and finally closing the day @ 5458.
Nifty Futures, is moking continuous effort to break either side of the trading range of 5380 – 5480 ,but is meeting with renewed selling pressure at 5480 mark and same is true for lower levels ie it is meeting with heavy buying at 5380 mark. Nifty Futures is stuck in this narrow range of 100 points from almost a month and only a break on either side with good momentum and heavy volumes on closing basis will see fresh 200 point move. Levels to watch for are 5550 and thereafter 5600 on the upside and 5350 and thereafter 5250 on the downside. The action in the market has turned to stock specific with good returns.
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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