Range-bound movement to continue in Nifty Futures - GEPL Capital

Nifty Futures closed at 6071 which is 40 points lower than its previous close of 6111. Nifty Futures continued its downtrend for 2nd consecutive day and tested the bottom of 6059 in intraday.

Nifty Futures has lost 135 points from the high of 6194 and sideways movement is expected to continue for few more trading sessions. The immediate support zone is placed at 6050 - 6000 where Nifty Futures needs to halt the current fall for maintaining the upward momentum.

We recommend to keep a stop loss at 6000 levels for all long trading positions as sharp sell off may be seen below 6000. If Nifty Futures moves in upward direction, immediate resistance zone is placed at 6100 - 6120 and above that next resistance is placed at 6170.

Nifty Futures needs surpass and close above 6200 for testing the earlier high of 6350. As long as Nifty 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 6100 & 6150 where as the intraday support levels are placed at 6030 and 5990 respectively.

Source : Equity Bulls

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