NIFTY FUTURES opened Wednesday on a flat note @ 5375 in line with the US (Tuesday's trde) & Asian markets. It spent the whole day following lower than expected earning numbers for Q1 by the IT bellwether, INFOSYS consolidating in a narrow range of 25 points only, and a sudden rush of buying in the late session, which lead Nifty Futures to an Intraday high of 5422. It finally closed the day near the session high at 5419.
Slow and steadily, Nifty Futures is climbing higher toward the immediate target of 5500 mark. On the upside, with a continuous positive momentum, we may see the levels of 5600–5610. On the downside, the near term support now comes in at 5320 mark. Only a close below the 5200 level will end the short term positive momentum and will take the Nifty Futures back towards the 5000 mark.
FOR TODAY: The European equity markets recorded strong gains on Tuesday. The FTSE, CAC and DAX gained 2.01, 1.96 and 1.87 percents respectively. The Dow rose 146.75 points, or 1.44%, to 10,363.02. The Standard & Poor`s 500 index rose 16.59 points, or 1.54%, to 1,095.34, while the Nasdaq composite index rose 43.67 points, or 1.99%, to 2,242.03. Indian ADRs end higher. SGX NIFTY is up around 40 points. Nifty Futures is Bullish.
Any dip around 5355/5360 level should be used as a buying opportunity for a decent Target of 5450 level. Volatility may be seen.
