5900 is a Crucial Support for Nifty Futures - GEPL Capital

Nifty Futures closed at 5932 which is 27 points lower than its previous close of 5959. After opening lower at 5948, Nifty Futures tried to move higher but got resisted at 5995 and sharp correction was witnessed in the closing session.

Nifty Futures breached the previous day's bottom of 5925 and formed new bottom at 5921 levels. The immediate support for Nifty Futures is placed at 5900 where is 100 Days EMA is also located.

If the fall is continued further then the next support is placed at 5850 which is 50% retracement support. On the higher side, 6000 - 6050 is now an immediate resistance zone and intraday bounce back may be halted in this zone.

The short term trend of Nifty Futures will turn in upward direction only if it crosses 6130 level on higher side.

As long as Nifty Futures trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction.

The intraday resistance levels for Nifty Futures are placed at 5970 & 6010 where as the intraday support levels are placed 5900 & 5850 respectively.

Source : Equity Bulls

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