6300 in the vicinity - GEPL Capital

Nifty Futures closed at 6226 which is 16 points higher than its previous close of 6210. For 2nd consecutive day, Nifty Futures closed above 6200 where day's high was seen at 6239, thus testing the earlier intermediate level.

Nifty Futures traveled 485 points in last 13 trading sessions and the up move is heading towards 6300. All time high is seen at 6350 hence some profit booking is expected in the zone of 6300 - 6350 after a sustained rally.

The zone of 6180 - 6150 is likely to provide strong support if any intraday correction is seen. The revised stop loss for all long trading positions is maintained at 6050 which is current intermediate level.

Though the short term RSI has entered in overbought territory, till it is moving above the trigger line, suggesting to hold the long positions with the stop loss of 6050.

As long as Nifty trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction. The intraday resistance levels for Nifty are placed at 6290 & 6350 where as the intraday support levels are placed at 6200 and 6160 respectively.

Source : Equity Bulls

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