17th April: Nifty Futures exhibit much awaited breakout above 5650

• Nifty Futures closed at 5696 which is 128 points higher than its previous close of 5568.
• Nifty Futures opened marginally lower at 5562 and rallied 137 points higher in intraday without much correction.
• A much awaited breakout is seen as Nifty Futures closed above 5650 showing a strong bullish candle on daily chart.
• Now, Nifty Futures is heading towards intermediate resistance zone of 5750 – 5775 where profit booking is recommended in trading long positions.
• As Nifty Futures is closed above 200 Days EMA placed at 5680, the current rally is likely to continue for next few trading sessions.
• On the downside, the earlier resistance of 5625 will act as a support if intraday fall is seen.
• Current rally is supported by strong trading volumes indicating testing of 5850 in next few days.
• 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 5730 & 5770 where as the intraday support levels are placed at 5650 & 5600 respectively.