Hold short positions in Nifty Futures with SL of 5900 - GEPL Capital

Nifty Futures closed at 5812 which is 36 points lower than its previous close of 5848. Nifty Futures continued its bounce back and formed intraday high at 5868 but fell near 5800 at the closing session.

Sustaining below 5800 will push Nifty Futures down near crucial support level of 5760. A sharp slide may be seen after breakdown of 5760 with the target of 5650.

Nifty Futures will move near 6000 only in case of closing above 5900. The stop loss for short selling positions is still maintained at 5900 levels on closing basis as the trend is still dicey.

We do not recommend any fresh trading buying positions as Nifty Futures is still in fragile stage. As long as Nifty Futures trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction.

The intraday resistance levels for Nifty Futures are placed at 5840 & 5880 where as the intraday support levels are placed 5760 & 5700 respectively.

Source : Equity Bulls

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