Nifty Futures remains below 6200 throughout the day - GEPL Capital

Nifty Futures closed at 6180 which is 18 points lower than its previous close of 6198. Nifty Futures range bound move was seen in 35 points range throughout the day with intraday low at 6169.

A level of 6200 provided strong resistance to Nifty Futures & was not able to move above this level in the entire day. Any bounce back in Nifty Futures is likely to face strong resistance in the range of 6230-6270.

The short term trend is still in the downward direction and the immediate target remains at 6050 - 6000 levels for Nifty Futures. The short term RSI on daily chart is also in the sell mode and suggesting testing of 6000 in coming days. The short term trend will remain in the downward direction until it is trading below 6360 levels.

As long as Nifty Futures trades above 5950 on weekly closing basis, the current intermediate trend will be in upward direction.

The intraday resistance levels for Nifty Futures are placed at 6230 & 6270 where as the intraday support levels are placed at 6150 & 6100 respectively.

Source : Equity Bulls

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