15th March: Upward breakout 5990 for Nifty Futures

• Nifty Futures closed at 5868 which is 69 points lower than its previous close of 5937.
• After opening at 5862, a sharp fall was seen in Nifty Futures where it tested the bottom of 5805.
• Without breaching the crucial support level of 5790, Nifty Futures exhibited a strong pull back of around 150 points from the bottom of 5805 up to 5950 levels.
• This pullback was accompanied with very high volumes suggesting strong grip of bulls on Nifty Futures.
• Now, the upward breakout level is placed at 5990 above which Nifty Futures may try to jump up to 6050 & 6100 levels respectively.
• The previous weekly close of Nifty Futures was seen at 5968 and current weekly close above this level may enhance further up-move in coming weeks.
• On the downside, 5900 – 5870 will act as strong support zone if any intraday correction is seen.
• Nifty Futures needs to maintain current bottom of 5800 to continue this current corrective uptrend.
• 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 5990 & 6020 where as the intraday support levels are placed at 5910 & 5880 respectively.