14th March: 5850 – 5830: Important Support Zone for Nifty Futures

• Nifty Futures closed at 5868 which is 69 points lower than its previous close of 5937.
• Nifty Futures opened with 27 points downward price gap at important support level of 5910 and sharp fall was triggered to form intraday bottom at 5858.
• Now, the immediate support zone is placed at 5850 – 5830 which is also 50% retracement level of entire rally seen after the budget session.
• The 100 Days moving average is also located in this range of 5850 – 5830 making it as strong support.
• On the higher side, 5880 – 5890 will be the initial resistance above which Nifty Futures may try to test 5920 mark.
• The 62% retracement level of 5790 would act as crucial, if breached, the current rally would fail and Nifty Futures may show more 100 points fall up to 5690 thereafter.
• For continuing the uptrend, Nifty Futures should show bounce from 5850 – 5830 zone and breach 5950 level decisively.
• As long as Nifty trades below 6000, the current intermediate trend will be in downward direction.
• The intraday resistance levels for Nifty are placed at 5890 & 5920 where as the intraday support levels are placed at 5840 & 5810 respectively.