Nifty Futures closes the week in red - GEPL Capital

Nifty Futures closed at 5888 which is 59 points lower than its previous close of 5947. After repeated attempts, Nifty Futures is not able to surpass 5950 on closing basis indicating weakening trend. Till Nifty Futures trades and closes above 5800, the short term trend will remain in upward direction with a possible target of 6000.

Nifty Futures is showing bearish 'Head & Shoulder' pattern, where the right shoulder is likely to complete at 6000 - 6050 levels. The breakdown of this 'Head & Shoulder' pattern is placed at 5800 but the confirmation will be seen once Nifty Futures closes below 5750 mark.

We are recommending to book profits in long trading positions either on the higher side at 6000 or if breakdown is seen below 5750.

After three consecutive positive weekly closes, last week's close was seen in negative territory with week on week loss of 149 points. 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 5950 & 6000 where as the intraday support levels are placed at 5850 and 5800 respectively.

Source : Equity Bulls

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