3rd April: Book trading profits near 5800

• Nifty Futures closed at 5767 which is 40 points higher than its previous close of 5727.
• Nifty Futures tested and closed above the initial target of 5760 forming intraday high at 5773.
• We recommend to book profits in trading long positions near 5800 as this is 50% retracement resistance of the earlier fall.
• On the downside, the 200 Days EMA at 5690 is likely to provide strong support which can be used for reinitiate trading long positions.
• The volumes are on lower side in this uptrend suggesting its corrective nature and just a bounce back of previous fall.
• A sideways movement may be seen between 5800 & 5700 for next few trading sessions.
• Only in case of closing above 5800, Nifty Futures is likely to move up towards the price gap zone of 5860.
• 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 5800 & 5860 where as the intraday support levels are placed at 5730 & 5690 respectively.