25th June: Short Selling level for Nifty Futures @ 5700

• Nifty Futures closed at 5588 which is 74 points lower than its previous close of 5662.
• Nifty Futures opened with 34 points downward price gap at 5628 and selloff in intraday pushed Nifty below 5600 to form day’s low at 5557.
• Nifty Futures is consistently forming lower top – lower bottom and now headed towards the intermediate level of 5500.
• Bounce back near 5700 in intraday will attract strong selling pressure and again the downtrend is likely to continue.
• Short selling can be initiated in the range of 5680 & 5700 with the stop loss of 5770 and targets of 5575 & 5525 respectively.
• The 200 Days EMA at 5776 is a strong resistance level and high trading volumes in the current fall indicates caution till June expiry as sell off is likely to continue.
• We do not recommend any bottom fishing as trend of Nifty is still in the downward direction without any trend reversal indications.
• As long as Nifty Futures 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 5660 & 5700 where as the intraday support levels are placed 5550 & 5500 respectively.