Nifty Futures in the vicinity of 6000 - GEPL Capital

Nifty Futures closed at 5907 which is 209 points higher than its previous close of 5698. Nifty Futures opened with 74 points upward price gap at 5771 and moved sharply upwards to form an intraday high at 5916.

In past 4 trading sessions, Nifty Futures traveled around 600 points showing enormous strength in the current rally.

The falling trend line connecting earlier highs of 6107 and 6239 are showing resistance near 6000 levels. The currently rally is likely to halt in between 6000 - 6100 from where a correction is expected.

Now the level of 5750 is showing intermediate level, price gap support and 200 - EMA support making it a multiple support. Profit booking is recommended above 6000 in long trading positions as temporary halt is expected in the rally.

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 5950 & 6000 where as the intraday support levels are placed at 5840 and 5780 respectively.

Source : Equity Bulls

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