NIFTY futures opened today at 5190. This was almost the high point of the day and it met with some stiff resistance at 5200 level. Nifty futures made an intraday high of 5198 and quickly sold of towards the 5150 area. It found minor buying support at this zone and finaly closed at 5169.
Nifty futures seems to be taking a breather ahead of the next important price action. Tomorrow being the the expiry day for the december series , much volatility on either side is expected. On the upside the resistance now seems to be at the recent high @ 5225. Market has to cross this level on heavy volumes to attian our medium term target of 5480 -5500. On the downside the support lies at 5130-5140 area.
Our view on Nifty futures is positive. Once the trading volume returns after the holidays, we could retest the highs of 5225, and if the positive momentum continues , we could see the levels of 5400 – 5500. On the downside the minor support now stands at 5130, and only a close below 4930 will end the uptrend.
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