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.