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.