5th December: Closing above 5950 to trigger a fresh rally

• Nifty Futures closed at 5924 which is 12 points higher than its previous close of 5912.
• For past three trading sessions, Nifty Futures is exhibiting sideways movement between 5930 and 5870 and waiting for trigger to move higher.
• The above mentioned range bound movement is seen well above the 30 points price gap visible on daily charts between 5868 & 5838.
• The upward breakout is placed at 5950 on closing basis and after materializing this; a sharp uptrend of around 100 points may be seen.
• At the same time, the important support to watch at 5880 and breakdown of this level will result in fall of 50 to 80 points pushing Nifty Futures near 5800.
• The current trend of Nifty is strongly up hence we recommend to buy near 5800 or above 5950 with proper stop loss.
• A current uptrend and the projection of higher values for Nifty Futures will continue till Nifty Futures is trading above 5600 on closing basis.
• The intraday resistance levels for Nifty are placed at 5950 & 6000 where as the intraday support levels are placed at 5880 & 5830 respectively.