Extension of correction below 6000 - GEPL Capital

Nifty closed at 6023 which is 25 points lower than its previous close of 6048.

Nifty Futures is trading in overbought territory and not breaching 6060, thus showing a weakening trend.

The breakdown will be seen once Nifty Futures breaches 6000 level. Below 6000, the important support levels are placed at 5960 & 5920.

On the higher side, the zone of 6060 – 6100 is likely to provide strong resistance if any bounce back is seen.

The timing cycle day is indicating downward correction is in the offing. As long as Nifty trades above 5700, the current intermediate trend is positive.

The intraday resistance levels for Nifty are placed at 6035 & 6060 whereas the intraday support levels are placed at 6000 & 5960 respectively.

Source : Equity Bulls

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