1st January: Level of 5960 still providing resistance to Nifty Futures

• Nifty closed at 5955 which is 25 points higher than its previous close of 5930.
• The absence of positive trigger is forcing Nifty Futures to remain range bound with very low trading volumes.
• Fresh trading long positions are recommended only closing above 6000 mark where upward breakout will be materialized on the chart.
• The immediate support is placed at 5900 which is trend line support as shown in the chart.
• The trend reversal level is placed at 5840 on closing basis below which sharp selloff may be seen.
• The important timing cycle day is placed on 4^th or 7^th January for reversal or continuation of ongoing uptrend.
• As long as Nifty trades above 5600, the current intermediate trend is positive.
• The intraday resistance levels for Nifty are placed at 5960 & 6000 whereas the intraday support levels are placed at 5900 & 5840 respectively.