Earlier signal of weakness for Nifty Futures below 6030 - GEPL Capital

Nifty closed at 6062 which is 34 points lower than its previous close of 6096. Nifty Futures reacted downwards from the high of 6109 and lost 55 points showing intraday low at 6054.

Nifty Futures is moving in an extremely overbought territory and earlier sign of weakness will be seen once Nifty Futures starts trading below 6030.

The level of 6000 is crucial support below which extension of corrective trend will be seen till 5950 and 5900 levels.

Till Nifty Futures is trading below strong resistance of 6120, there is high probability of corrective trend in downward direction.

The short term RSI is seen rested on trigger line and sell signal will be generated once closing is seen below 6030.

Only in case of breakout above 6120 with large trading volumes, Nifty Futures is likely to test 6200 mark.

As long as Nifty Futures trades above 5750, the current intermediate trend is positive.

Source : Equity Bulls

Keywords