Nifty Futures holds crucial support of 5850 - GEPL Capital

Nifty Futures closed at 5945 which is 6 points lower than its previous close of 5951. Nifty Futures opened at 5937 and fell sharply downwards to form intraday low at 5854 but managed to close above 5900. Nifty Futures needs to stay above 5850 and upward breakout will be seen above 6000.

If Nifty Futures is able to surpass and sustain above 6000 then the targets are placed at 6100 & 6175 on positional basis. The key support level to watch is placed at 5850 below which downtrend may be seen till the earlier bottom near 5700.

Short term RSI is seen above the trigger line and turned into buying mode. Once Nifty Futures surpasses and sustains above 6000, we recommend to trail the stop loss to 5900 from 5850.

As long as Nifty Futures trades above 5500 on weekly closing basis, the current intermediate trend will be in upward direction.

The intraday resistance levels for Nifty are placed at 6000 & 6040 where as the intraday support levels are placed at 5950 and 5900 respectively.

Source : Equity Bulls

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