Nifty Futures needs to close above 5850 for positive weekly close

Nifty Futures closed at 5840 which is just 72 points higher than its previous close of 5768. Nifty Futures opened with 26 points upward price gap and moved upwards to form intraday high at 5854. Nifty Futures has filled the price gap on the daily chart but a follow up of bullish candle is necessary for concluding the end of the current corrective trend.

If Nifty Futures breaches 5800 level then there is still possibility of testing of 5700 in the coming days. On the other hand, close of Nifty Futures above 5900 will trigger a strong uptrend for surpassing 6100 mark.

Nifty Futures needs close above 5850 to show 2nd consecutive positive week for maintaining the upward momentum. Currently the important levels for Nifty Futures to watch on closing basis are placed at 5900 (Breakout) and 5800 (Breakdown).

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 5875 & 5910 where as the intraday support levels are placed 5800 & 5750 respectively.

The breadth of the market was negative as out of 1442 stocks traded on NSE, 342 stocks advanced, 1011 stocks declined and 89 stocks remained unchanged.

Amongst the sectoral indices, the BSE FMCG and Teck indices closed in green where as the BSE Metal index closed in red.

Source : Equity Bulls

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