Nifty Futures unable to sustain above 6000 - GEPL Capital

Nifty Futures closed at 5959 which is 16 points higher than its previous close of 5943. Nifty Futures opened with 57 points upward price gap at 6000 and formed intraday high at 6021 but corrected 87 points in intraday where day's low was registered at 5944.

Still Nifty Futures is trading above its previous day's closing maintaining the uptrend intact. Till Nifty Futures is trading above 5850 on closing basis, still there is high probability of moving near earlier high near 6100.

Nifty Futures needs to close above 6000 for strengthening the current momentum and for testing the positional targets of 6100 & 6175.

We recommend strict stop loss of 5850 for trading long positions as below this level, a strong sell off may be seen. Fresh trading long positions are recommended only if Nifty Futures sustains above 6000 with revised stop loss of 5900 for the targets of 6100 & 6175.

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 & 6040 where as the intraday support levels are placed at 5900 and 5850 respectively.

Source : Equity Bulls

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