Sustaining below 6000 will push Nifty Futures towards 5900 - GEPL Capital

Nifty closed at 5999 which is 44 points lower than its previous close of 6043. For past 5 trading sessions, the level of 6060 is providing strong resistance for Nifty Futures but at the same time, support level of 6000 is intact on closing basis.

As Nifty Futures is in highly overbought zone, the downward correction is likely to materialize, if it sustains below 6000 mark.

On the breakdown of 6000, immediate support is 5950 and next support is placed at 5900. On the higher side, 6060 - 6100 is resistance zone and we don't recommend any fresh long positional buying at the current level.

As long as Nifty trades above 5700, the current intermediate trend is positive.

The intraday resistance levels for Nifty are placed at 6030 & 6060 whereas the intraday support levels are placed at 5950 & 5900 respectively.

Source : Equity Bulls

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