Nifty needs to close 6012 for positive weekly close - GEPL Capital

Nifty closed at 5882 which is 8 points higher than its previous close of 5874. Nifty moved in a small range of 53 points between the high of 5918 and the low of 5864. Nifty was not able to surpass the intermediate level of 5938 which is the immediate resistance.

The zone of 5960 to 6000 is likely to provide a strong resistance in coming days. For past few trading sessions, Nifty has formed multiple bottom above 5800, hence this is a crucial support to watch in current scenario.

The breakdown is placed at 5750 on closing basis as this is the 200 - EMA level on daily chart. If the breakdown of 5750 is materialized then the next important support is placed at 5600.

As long as Nifty Futures trades above 5500 on weekly closing basis, the current intermediate trend will be in upward direction.

The intraday resistance levels for Nifty are placed at 5940 & 6000 where as the intraday support levels are placed at 5850 and 5800 respectively.

Source : Equity Bulls

Keywords