Immediate support zone for Nifty Futures 5680-5650 - GEPL Capital

Nifty Futures closed at 5724 which is 28 points lower than its previous close of 5751. Nifty Futures continue the downtrend and formed intra day low at 5701 keeping 5700 intact. Still there is no sign of reversal and immediate support zone for Nifty Futures 5680-5650.

Multiple supports are seen near 5675 hence current downtrend may show bounce back to this level. On the higher side the levels of 5790 and 5830 will provide strong resistance if any bounce back is seen.

The short term RSI on the daily charts is still in the favor of bears, hence we recommended to avoid fresh trading long positions. Next timing cycle day is placed on 25th / 26th March which will help to confirm trend direction.

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 5790 & 5830 where as the intraday support levels are placed at 5700 & 5650 respectively.

Source : Equity Bulls

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