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.