200 EMA at 5780 is Immediate Support for Nifty - GEPL Capital

Nifty Futures closed at 5801 which is 92 points lower than its previous close of 5893. After breakdown of 5870 a sharp fall was seen in Nifty Futures losing 77 points.

On the daily chart of Nifty Futures, multiple supports are seen near 5780 which is also 200 EMA, hence this level is likely to act as a crucial support.

Any bounce back in the Nifty Futures will face a strong resistance in the zone of 5850 - 5880 where again selling pressure is existing in the market. In case Nifty Futures is not able to hold 5780 then the positional target for the Nifty Futures is placed between 5650 - 5600.

Now the short term trend of Nifty Futures will remain in downward direction till it trades below the 6000 mark. Though the short term RSI on daily chart is extremely oversold zone, still it is below the trigger line and not generating 'buy' signal.

The intraday resistance levels for Nifty Futures are placed at 5820 & 5850 where as the intraday support levels are placed 5780 & 5700 respectively.

Source : Equity Bulls

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