NIFTY FUTURES opened today flat to slightly negative, down by approx 20 points @ 5842 in line with the dull trading from US and Asian markets. It tested the lower level of 5825 in the early session but found good buying support making an intraday low of 5826 in the process and rallied from there after the interest hike news to make an intraday high of 5916 and met with heavy selling pressure to close the day @ 5847.
Nifty Futures has managed to keep the closing above the 5800 mark from last three continuous session ,making it vulnerable for more advances in the days to come. As mentioned yesterday the level of 5920 has acted as a resistance for now and if broken with good volumes and positive momentum , we may see the psychological level of 6000 very soon. On the down side the level of 5750 may act as an immediate support zone for now .
Our view on Nifty Futures is Bullish. We still believe that technically market has more room on the upside and any corrections should be treated as buying opportunity with proper stop loss .
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