5850 - 5830: Important Support Zone for Nifty Futures - GEPL Capital

Nifty Futures closed at 5868 which is 69 points lower than its previous close of 5937. Nifty Futures opened with 27 points downward price gap at important support level of 5910 and sharp fall was triggered to form intraday bottom at 5858.

Now, the immediate support zone is placed at 5850 - 5830 which is also 50% retracement level of entire rally seen after the budget session. The 100 Days moving average is also located in this range of 5850 - 5830 as shown in the chart making it as strong support.

On the higher side, 5880 - 5890 will be the initial resistance above which Nifty Futures may try to test 5920 mark. The 62% retracement level of 5790 would act as crucial, if breached, the current rally would fail and Nifty Futures may show more 100 points fall up to 5690 thereafter.

For continuing the uptrend, Nifty Futures should show bounce from 5850 - 5830 zone and breach 5950 level decisively.

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

Source : Equity Bulls

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