Fall to Continue below 5850 in Nifty Futures - GEPL Capital

- Nifty Futures closed at 5914 which is 48 points higher than its previous close of 5866.

- After opening at 5871, Nifty Futures rallied and crossed 5900 mark successfully to form intraday high at 5926.

- Rally in Nifty Futures is resisted exactly on the falling trend line from its current high 6002 as shown in the chart and then sideways movement was observed.

- In case of upward breach of this falling trend line, an immediate resistance is placed at 5960, closing above which the current short term trend of Nifty Fut will turn in upward direction.

- The zone of 5885 - 5865 is likely to provide support if any intraday sell off is materialized.

- Only in case of breakdown below 5850, the current downtrend is expected to continue with immediate target at 5790.

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

- The intraday resistance levels for Nifty Futures are placed at 5960 & 6000 whereas the intraday support levels are placed at 5880 & 5840 respectively.

Source : Equity Bulls

Keywords