12th April: Nifty Futures likely to consolidate between 5650 & 5550

• Nifty Futures closed at 5595 which is 31 points higher than its previous close of 5564.
• Nifty Futures moved upwards but failed to cross 5620 and formed intraday high at 5618.
• A level of 5650 is showing multiple resistance on chart hence the consolidation is expected in Nifty Futures in the range of 5650 & 5550.
• On the downside, 5550 is strong support and Nifty Futures needs to stay above 5500 for continuing the current corrective uptrend.
• A previous weekly close was seen at 5572 and the current weekly close above this level will keep the hopes of bulls for rally in next week.
• The short term RSI on daily chart is cut the trigger line and is in buying mode suggesting continuation of corrective uptrend.
• Breakout of 5650 on closing basis will push Nifty Futures towards the next resistance level of 5750.
• 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 5620 & 5660 where as the intraday support levels are placed at 5560 & 5520 respectively.