NIFTY FUTURES opened today on a flat to positive note @ 5490 after yesterdays spectacular last hour rally . Meanwhile there was not much movement noticed in US & Asian markets. Nifty Futures showed continuous positive bias right from the start of the session making an intraday low of 5486 in the opening and thereafter rallying the whole day to an intraday high of 5534. It finally closed the volatile session 5527.
Nifty Futures has managed to close above the crucial 5480 mark for the second continuous session making it positive for the markets to make a first attempt towards the 5550 mark and thereafter @ 5600 level. On the down side 5420 level may act as an support barrier to Nifty Futures resting any sharp falls and the next level to watch for after this is the crucial 5350 mark. On the daily charts we have closed right on the top end of the channel range of 5380 – 5535. We may witness some volatility at this levels.
Our view on Nifty Futures is Bullish. After yesterdays breakout on the upside of Nifty Futures the momentum has turned positive ,hence any correction towards the 5450 mark , can be used as buying opportunity with proper stop loss .
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