Weekly close of Nifty Futures above 5960 to continue uptrend - GEPL Capital

- Nifty Futures closed at 5931 which is 16 points lower than its previous close of 5947.

- The level of 5960 is consistently providing resistance and Nifty Futures needs to close above this level for generating upward momentum.

- The immediate target after the upward breach of 5960 is placed at 6000 levels which is the earlier high.

- We recommend to book profits above 6000 in long trading positions as profit booking may be seen in coming days.

- The immediate support is placed at 5900 and the trend reversal level is placed at 5840.

- The level of 5840 is a crucial support and can be treated as stop loss for all trading long positions.

- As long as Nifty Futures trades above 5600, the current intermediate trend will be positive.

- The intraday resistance levels for Nifty are placed at 5960 & 6000 whereas the intraday support levels are placed at 5900 & 5840 respectively.

Source : Equity Bulls

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