Caution recommended as Nifty Futures near 6100 - GEPL Capital

Nifty closed at 6081 which is 23 points higher than its previous close of 6058. Nifty Futures finally moved near 6100 and formed intraday high at 6096 exhibiting a positive close.

As 6100 is a strong resistance on daily chart, the profit booking is recommended in the zone of 6090 - 6120.

An initial support is placed at 6040 and next support is seen at 6000 mark.

Though the upward momentum is seen very strong, the expected correction may provide buying opportunity at lower levels below 6000.

Only in case of closing and sustaining above 6120, the next intermediate level for Nifty Futures is placed at 6200 mark.

The intraday resistance levels for Nifty are placed at 6100 & 6120 whereas the intraday support levels are placed at 6040 & 6000 respectively.

Source : Equity Bulls

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