Nifty Futures closes above 200 Days EMA - GEPL Capital

Nifty closed at 5841 which is 94 points higher than its previous close of 5687. Nifty Futures opened with 77 points upward price gap and rallied throughout the day to form intraday high at 5852.

Nifty Futures rallied 28 1 points in past 3 trading sessions showing change in the short trend on the charts. Nifty Futures closed above 200 Days EMA and a price gap resistance placed at 5775 showing strong momentum supported by high trading volumes.

On the weekly chart, a strong bullish engulfing candle is seen after 3 consecutive bearish candles with week on week gain of 179 points.

The short term RSI on daily chart has cut the trigger line indicating bottom formation at 5556 seen before 5 trading sessions.

Next week is showing timing cycle clusters, hence trend reversal is expected halting the current downtrend. As long as Nifty trades below 6000 on weekly closing basis, the current intermediate trend will be in downward direction.

The intraday resistance levels for Nifty are placed at 5860 & 5900 where as the intraday support levels are placed 5810 & 5760 respectively. The breadth of the market was negative as out of 1433 stocks traded on NSE, 720 stocks advanced, 628 stocks declined and 85 stocks remained unchanged.

Amongst the sectoral indices, all the indices closed in green where as strong buying was seen in Power and CG sector stocks.

Source : Equity Bulls

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