NIFTY FUTURES IN A CONSOLIDATION MODE…….
NIFTY FUTURES is trading in a very narrow consolidation range from the previous two session. Nifty futures traded today’s session in a very narrow range of approx 40 points. Nifty opened on a flat note @ 5097 , it made an intraday high of 5139 in the early part of the session , but could not get through the 5150 zone , as a result it slowly melted down towards the intraday low of 5095 and closing the day @ 5123.
NIFTY FUTURES is holding the 5100 area for time being. There is a minor resistance at 5150 area and thereafter the major resistance comes in at 5180 – 5200 zone. The downside seems to be capped @ 5050 area, and the next major support comes all the may @ 4920 zone.
Our View on Nifty Futures is Positive. Dips in Nifty Futures should be bot into with appropriate stoplosses . A close below the phsycological 5000 mark will negate the upside momentum and take Nifty towards the lower areas.Only a close below the 5000 mark will end the near term upside
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EXAMPLE…..
INDEX : NIFTY FUTURES
QTY : 100 SHARES
MARGIN : INR 70000/-
RETURNS : INR 20000/- AVG/MNTH
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