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Market Commentary
6100: Key resistance for Nifty Futures - GEPL Capital
Posted On : 2013-01-07 00:06:27( TIMEZONE : IST )
Nifty closed at 6048 which is 8 points higher than its previous close of 6040. Nifty Futures was able to close above 6000 for past 4 trading sessions but with subdued activity.
The immediate resistance level still remains at 6090 – 6100 where profit booking may be seen.
On the weekly chart, strong bullish candle is seen with week to week gain of 93 points indicating grip of bulls on the market.
Immediate support is placed at 6000 and below that next level is placed at 5960 which is likely to provide strong support.
The important timing cycle day is placed on 7th January for reversal or continuation of ongoing uptrend.
As long as Nifty trades above 5700, the current intermediate trend is positive. The intraday resistance levels for Nifty are placed at 6060 & 6100 whereas the intraday support levels are placed at 6000 & 5960 respectively.
