18th Dec: Trend Direction to set after breach of 5940 or 5870

• Nifty Futures closed at 5889 which is 26 points lower than its previous close of 5915.
• Nifty Futures moved in extremely narrow range of 27 points between 5908 and 5881 throughout the day with thin volumes continuing the indecisiveness.
• The double bottoms are seen at 5870 and closing below this level may push Nifty Futures lower where supports are placed at 5840 & 5800.
• Nifty Futures needs to surpass 5940 on closing basis to regain the strength and afterwards can move upwards to retest 6000 level again.
• The short term RSI is moving below the trigger line and not showing any sign of revival yet.
• The fresh long / short positions are advised only after closing above 5940 or below 5870.
• As long as Nifty Futures trades above 5600, the current intermediate trend will be positive.
• The intraday resistance levels for Nifty are placed at 5910 & 5940 whereas the intraday support levels are placed at 5870 & 5840 respectively.