Nifty 6100 level likely to resist current bounce back - GEPL Capital

Nifty closed at 6054 which is 35 points higher than its previous close of 6019. Nifty Futures formed intraday bottom at 6000 but 70 points bounce back was seen in intraday forming intraday high at 6072.

Still the level of 6000 is likely to provide strong resistance if the current bounce back is continued.

Now the current bottom of 6000 is important level to watch as below this level, a sharp sell off may be seen. The short term RSI on daily chart is moving flat in tandem with the price movement.

The previous weekly close was seen at 5977 and current weekly close above this level will keep the hopes alive of the uptrend for the bulls.

The next timing cycle day is placed at 22 - 23rd January where trend direction may be seen on the chart.

As long as Nifty Futures trades above 5700, the current intermediate trend is positive.

The intraday resistance levels for Nifty are placed at 6070 & 6110 whereas the intraday support levels are placed at 6030 & 6000 respectively.

Source : Equity Bulls

Keywords