4th April: Crucial Support 5600 for Nifty Futures

• Nifty Futures closed at 5688 which is 79 points lower than its previous close of 5767.
• Nifty Futures opened with 21 points downward price gap at 5746 and tried to move higher in the morning session.
• Nifty Futures formed intraday high at 5763 and a sharp fall was witnessed of nearly 100 points to touch the bottom at 5666.
• Nifty Futures also filled the price gap between 5696 & 5684 seen on the daily chart in the beginning of this month and the closing was also seen below this level.
• Now the immediate support zone is placed at 5650 – 5600 where the current downtrend is expected to halt and sideways movement may be seen.
• Only after breaching 5600 mark on closing basis, the intermediate downtrend is likely to continue.
• On the higher side, 5710 – 5730, may provide strong resistance if bounce back is witnessed.
• 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 5720 & 5770 where as the intraday support levels are placed at 5650 & 5600 respectively.