NIFTY Futures Opened today @ 5168. It tried the resistance @ 5180 in the very early session, but quickly sold off from there. It spent the mid session consolidating and in that process made a low of 5136. But near the end session, it managed to recoup the losses and break pass 5180 mark. It made a new 52 week high of 5209, but sold off again closing the day at 5176.
Nifty futures made a new 52 week high at 5209 which is very positive for the markets. This has opened the room for more upside in nifty futures. The near term resistance in nifty is 5300 and if the momentum continues all the way up to 5500 area.The immediate support now stands @ 5125 area and then strong support at 5080 zone.
Our view on Nifty futures is Bullish. As it made new 52 week high, the positive momentum is here to stay for a while. The downside support for this move is at 5080 area, and much more strong /critcal support now stand @ 4930 zone. On the upside, there resistance is all the way upto 5310 area and if strong momentum continues @ 5500 zone.
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