Nifty Futures needs to surpass 5525 (CL) for uptrend continuation

Nifty Futures closed at 5458 which is 113 points higher than its previous close of 5345. Nifty Futures breached previous day's low of 5323 and formed the low at 5318 but intraday rally pushed it above 5450 at closing.

Now the important levels to watch for Nifty Futures are placed at 5280 (breakdown) and 5525 (breakout). If Nifty Futures is able to surpass 5525 then it is likely to enter next resistance zone of 5600 - 5650.

On the downside, breakdown of 5280 is likely to push Nifty sharply lower towards 5000 mark. The short term trend of Nifty Futures is still down hence we recommend strict stop loss at 5280 levels for Nifty Futures.

Short term RSI is moving above the trigger line and suggesting the continuation of current 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 5590 & 5625 where as the intraday support levels are placed at 5510 and 5470 respectively.

Source : Equity Bulls

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