NIFTY FUTURES opened today on a flat note @ 5453 in line with US & Asian markets as there was not much trading movements seen in those markets. Nifty Futures once again made an early attempt to break pass the 5480 mark but failed to do so in the process making an intraday high of 5474. It witnessed some heavy selling pressure in the second half of the session taking it all the way down below the 5400 mark registering an intraday low of 5393 and finally closing the day @ 5419.
Nifty Futures is stuck in a narrow trading range of 5380 – 5480 and we are witnessing that several attempts by Nifty Futures to break the trading range on either side has been met with continuous failure. Nifty Futures is showing reselience to the global markets and all the action has been shifted to stock specific. As mentioned yesterday Nifty Futures has to close above the 5480 mark to carry on with its upward journey towards the 5550 mark and thereafter to all important 5600 level. On the down side the same 5350 mark and thereafter the 5250 level acts as a strong support levels.
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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