5700 to be Immediate Resistance for Nifty Futures - GEPL Capital

Nifty Futures closed at 5581 which is 27 points lower than its previous close of 5608. Nifty Futures were unable to cross initial resistance of 5660 and intraday high was seen at 5630.

Now the important level to watch is 5550 below which a sharp sell off maybe seen in the markets. Initial target after 5550 is placed at 5500 which is the earlier low seen on the charts.

The long-term trend line connecting 2230 and 4760 is also showing a support at 5500, hence 5500 is a crucial level to watch on weekly closing basis. If any intra day bounce back is seen then strong resistance is seen between 5660 and 5700.

Next week is showing timing cycle clusters, hence trend reversal is expected halting the current downtrend.

As long as Nifty Futures trades below 6000 on weekly closing basis, the current intermediate trend will be in downward direction. The intraday resistance levels for Nifty Futures are placed at 5660 & 5700 where as the intraday support levels are placed 5600 & 5550 respectively.

Source : Equity Bulls

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