Nifty Futures heading towards 5650 - GEPL Capital

Nifty Futures closed at 5554 which is 53 points higher than its previous close of 5501. After consecutive negative 5 trading sessions, Nifty Futures have closed in a positive territory and showing signs of bounce back.

Nifty Futures formed bottom at 5480 and 97 points rally was seen in intraday with high at 5577. Nifty Futures needs to maintain the level of 5500 and the upward breakout is placed at 5580.

The immediate target for expected bounce back is placed in the range of 5630 & 5650. As per the reversal seen on 'Timing Cycle Day', the expected reversal will be confirmed above 5650 levels.

The short term RSI on daily chart is just below the trigger line and buying signal will be generated after Nifty Futures closes above 5620.

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 5580 & 5620 where as the intraday support levels are placed at 5530 & 5480 respectively.

Source : Equity Bulls

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