2nd April: Nifty Futures heading towards initial resistance of 5760

• Nifty Futures closed at 5727 which is 13 points higher than its previous close of 5714.
• Nifty Futures extended the gains for the 2^nd consecutive day and formed intraday high at 5743.
• After 5 trading sessions, Nifty Futures managed to close above 200 Days EMA placed at 5690 and now moving towards the initial resistance of 5760.
• If Nifty Futures is able to close above 5760 then the crucial resistance and 50% retracement level at 5800 is likely to halt the current bounce back.
• Now, the zone of 5690 – 5670 is likely to provide a strong support if any downtrend is seen in intraday.
• The short term RSI on daily chart is at the verge of cutting the trigger line in upward direction and suggesting 5800 to be tested soon.
• Nifty Futures needs to hold 5600 level for continuing the current bounce back.
• 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 5760 & 5800 where as the intraday support levels are placed at 5700 & 5650 respectively.