28th May: Stiff Resistance 6120 – 6140 for Nifty Futures

• Nifty Futures closed at 6083 which is 98 points higher than its previous close of 5985.
• After a strong downtrend in a previous week, Nifty Futures look upwards showing a corrective uptrend with intraday high at 6100.
• Multiple resistance zone is seen in the range of 6120 – 6140 on daily chart, hence selling pressure may be seen in this zone.
• On the downside, fall will be accelerated below 6000 mark and likely to test the earlier bottom of 5936.
• Only in the case of closing above 6150, the current corrective trend will gain a strong momentum and re-testing of 6240 is possible.
• Short term RSI on daily chart is still in the ‘Sell’ mode and not suggesting any fresh trading long positions.
• Short selling positions can be initiated in the range of 6120 – 6140 with stop loss of 6190 and immediate target of 6000.
• As long as Nifty Futures trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction.
• The intraday resistance levels for Nifty Futures are placed at 6130 & 6190 where as the intraday support levels are placed 6050 & 6000 respectively.

14th May: Nifty Futures closes below 6000

• Nifty Futures closed at 5994 which is 124 points lower than its previous close of 6119.
• After forming high at 6130 in the previous week, Nifty Futures opened near 6115 and reacted sharply downwards to form intraday low at 5986.
• A strong bearish candle on daily chart is indicating exhaustion and profit booking after a strong rally of 650 points in last 21 trading sessions.
• If Nifty Futures breaches initial support level of 5980, it is likely to test next support level of 5930.  
• Now, the zone of 6025 – 6045 is likely to provide strong resistance if any bounce back is seen.
• The short term has breach the trigger line indicating downside or a sideways movement of Nifty Futures to be seen in the current week.
• The short term trend is indicating 5850 – 5800 as a retracement support if Nifty Futures slips below the strong support of 5930.
• As long as Nifty Futures trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction.
• The intraday resistance levels for Nifty Futures are placed at 6020 & 6050 where as the intraday support levels are placed 5980 & 5930 respectively.

10th May: Initial indication of trend reversal below 5985

• Nifty Futures closed at 6049 which is 26 points lower than its previous close of 6075.
• Nifty Futures moved upwards in intraday but was not able to surpass 6100 mark forming intraday high at 6090.
• Still Nifty Futures is consistently closing above its previous day’s low for past 16 trading sessions keeping the momentum intact.
• Immediate resistance zone is placed between 6120 – 6130 where multiple resistances are seen on the charts.
• On the downside, 6030 and 5985 are the important support levels for intraday.
• Initial indication for trend reversal will be seen if Nifty Futures closes below 5985.
• The short term RSI is entered in extremely overbought territory indicating caution hence strict stop loss recommended for trading long positions.
• As long as Nifty trades below 6000 on weekly closing basis, the current intermediate trend will be in downward direction.
• The intraday resistance levels for Nifty Futures are placed at 6100 & 6130 where as the intraday support levels are placed 6030 & 5985 respectively.

9th May: Uptrend to test current year’s high of 6120 of Nifty Futures

• Nifty Futures closed at 6089 which is 39 points higher than its previous close of 6050.
• The intraday low of Nifty Futures was seen at 6025 but the strong momentum pulled the Nifty Futures 65 points up to 6090.
• Nifty Futures is approaching to its current year’s high of 6120 which is likely to act as resistance.
• A trend line connecting earlier highs of 6349 and 6120 is showing resistance at 6100, hence profit booking is recommended in trading long positions.
• On the downside, immediate support is placed between 6050 – 6000 if any intraday correction is seen.
• Nifty Futures has to maintain 5900 level to continue current uptrend.
• Breakdown of 5900 will trigger a corrective trend till 5750.
• The short term RSI is entered in extremely overbought territory indicating caution hence strict stop loss recommended for trading long positions.
• As long as Nifty trades below 6000 on weekly closing basis, the current intermediate trend will be in downward direction.
• The intraday resistance levels for Nifty Futures are placed at 6100 & 6130 where as the intraday support levels are placed 6050 & 6000 respectively.