Nifty Futures closes higher by 48 points at 5889 - GEPL Capital

Nifty Futures closed at 5889 which is 48 points higher than its previous close of 5841.

The current correcting trend is adding strength day by day and managed to pears a strong resistance of 5900 in intraday.

Nifty Futures traveled 225 points in past 4 trading sessions and forced bears to cut the short positions after breaching 5850.

Nifty Futures has tested the resistance of 5900 and the intermediate resistance is seen at 5970 - 5980 from where the current fall was triggered.

If Nifty Futures manages to test 5970 then there is a high probability of uptrend continuation and long positions can be created after a short downtrend.

The level of 5850 - 5800 is a support zone seen on daily charts. The short term RSI on daily chart is looking upwards and supporting the probability of trend reversal.

As long as Nifty trades below 6000, the current intermediate trend will be in downward direction.

The intraday resistance levels for Nifty are placed at 5920 & 5970 where as the intraday support levels are placed at 5850 & 5800 respectively.

Source : Equity Bulls

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