5950 – 6000: Immediate resistance zone for Nifty Futures - GEPL Capital

Nifty Futures closed at 5938 which is 6 points higher than its previous close of 5932. Nifty Futures dipped below 5900 forming intraday low 5896 but recovered to close near 5940.

Retracement resistance levels for Nifty Futures are placed at 5985 and 6010 where again selling pressure will be seen. On the downside, 5850 is the immediate target of current fall after breach of 5900 mark.

The next support level after 5850 is placed at 5775 which is 200 - EMA. The short term trend of Nifty Futures will turn in upward direction only if it crosses 6130 level on higher side.

We recommend to avoid any long trading positions in the market as steep downtrend may be seen in Nifty Futures in the coming days.

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.

The intraday resistance levels for Nifty Futures are placed at 6200 & 6230 where as the intraday support levels are placed 6160 & 6120 respectively.

Source : Equity Bulls

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