Crucial Support 5280 for Nifty Futures - GEPL Capital

Nifty Futures closed at 5345 which is 210 points lower than its previous close of 5555. A strong bearish candle was seen in Nifty Futures losing around 250 points in intraday.

This reversal has put the question back on the current bounce back as Nifty Futures closed below 5400 levels. Now the crucial support to watch is placed at 5280 which is 62% retracement level of the current bounce back from 5108 to 5572.

We recommend to exit all long positions below 5280 as sharp sell off may be seen till 5000 after the breakdown.

On the higher side, the zone of 5400 - 5450 is likely to provide a strong resistance and continuation of the downtrend may be seen. Nifty Futures needs to close above 5520 levels for regaining the strength and to continue the bounce back.

As long as Nifty trades below 5900 on weekly closing basis, the current intermediate trend will be in downward direction. The intraday resistance levels for Nifty Futures are placed at 5400 & 5450 where as the intraday support levels are placed at 5280 and 5200 respectively.

Source : Equity Bulls

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