Nifty Futures in corrective mode - GEPL Capital

- Nifty Futures closed at 5853 which is 78 points lower than its previous close of 5931.

- Nifty Futures lost 100 points in last 3 trading sessions from the high of 5961 and now approaching towards its crucial support of 5840.

- The breakdown of 5840 is likely to push Nifty Futures 100 more points lower towards 5750 levels.

- The second consecutive negative weekly close is suggesting Nifty Futures is in corrective mode and shade some more points in current week.

- Bearish candle on weekly chart is indicating profit booking and lack of buying interest as Nifty Futures lost 62 points week on week basis.

- On the higher side, the level of 5900 - 5920 is strong resistance zone if any corrective bounce back is seen.

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

- The intraday resistance levels for Nifty are placed at 5870 & 5900 whereas the intraday support levels are placed at 5840 & 5800 respectively.

Source : Equity Bulls

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