17th December: Nifty Futures consolidating between 6000 & 5850

• Nifty Futures closed at 5915 which is 39 points higher than its previous close of 5876.
• Double bottom formation was seen in Nifty Futures at 5870 but was not able to cross its previous day’s high of 5939.
• Nifty Futures needs to surpass 5960 level on closing basis for moving in upward direction.
• An immediate target of Nifty after breaching 5960 is placed at 6050.
• But the breakdown of 5870 can push Nifty Futures towards 5800 mark which is next support level.
• Nifty Futures exhibited a negative weekly close losing 30 points week of week basis.
• As long as Nifty Futures trades above 5600, the current intermediate trend will be positive.
• The intraday resistance levels for Nifty are placed at 5960 & 6000 where as the intraday support levels are placed at 5870 & 5840 respectively.