Nifty Futures managed to close above 5600 - GEPL Capital

Nifty Futures closed at 5607 which is 149 points higher than its previous close of 5458. Nifty Futures opened with huge price gap of 93 points at 5551 and moved upwards to form an intraday high at 5640.

Nifty Futures achieved the initial target of 5625 which was recommended between 5450 – 5400 with the stop loss of 5300. The next important level to watch is placed at 5660 where multiple resistance levels are coinciding.

On the downside, 5560 is a strong support and below that 5480 is the next level to watch. Previous day's price gap action is indicating testing of 200 – EMA at 5737 is on the cards.

Now, the short term trend reversal level is revised to 5400 from the earlier level of 5300 on closing basis. As long as Nifty trades below 5900 on weekly closing basis, the current intermediate trend will be in downward direction.

The intraday resistance levels for Nifty Futures are placed at 5630 & 5670 where as the intraday support levels are placed at 5560 and 5510 respectively.

Source : Equity Bulls

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