Nifty Futures closes above 5950 - GEPL Capital

Nifty Futures closed at 5967 which is 139 points higher than its previous close of 5828. Nifty Futures opened with 32 points upward price gap at 5860 and moved sharply upwards to form intraday high at 5976.

Nifty Futures is able to cross the intermediate resistance of 5950 on closing basis indicating reversal in short term trend. Nifty Futures needs to maintain the level of 5850 to continue the current upward momentum.

If Nifty Futures is able to sustain above 6000 then the immediate target is placed at 6100 & next target is 6174 which is current high.

Short term RSI on daily chart is at the verge of cutting trigger line and one more signal above 5950 will generate 'Buy' signal. Fresh long trading positions are recommended if Nifty is able to sustain above 5950 with the stop loss of 5850 and target of 6100.

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 6000 & 6050 where as the intraday support levels are placed at 5900 and 5850 respectively.

Source : Equity Bulls

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