Nifty Futures Approaching the Interim Support of 5350 !
- Following the intra-day bounce on Monday, Nifty futures opened slightly higher at 5542 on Tuesday.
- However, sellers emerged right from the opening bell and the selling lead to the Nifty futures falling to the previous day's lows in the morning session.
- The losses were widespread and some of the better stocks too joined the bear bandwagon on Tuesday possibly indicating institutional selling.
- Nifty Futures kept on trading around the 5450 reference area for some time in the middle session, but another bout of selling in the afternoon session lead to a new daily low and a close near the low.
Nifty Futures - Intra-day Chart
- Nifty and the major indices have lost continuously for the past five trading sessions by now.
- Even if the market is poised to go down further, markets do not fall continuously for more than five to six days in normal cases.
- As such, it seems that the market is poised for a bounce and a positive close, at least for a single trading day.
