4th June: Uptrend in Nifty Futures only above 6140

• Nifty Futures closed at 5959 which is 41 points lower than its previous close of 6000.
• After opening Nifty Futures continued its downtrend and formed the intraday bottom at 5925.
• Nifty Futures dipped below previous bottom 5936 in intraday but managed to close above this level.
• If the current bottom breached again then the next immediate support is placed at 5900 which is 100 Days EMA.
• If the fall is continued further then the next support is placed at 5850 which is trend line and 50% retracement support.
• On the higher side, 6050 – 6100 is immediate resistance zone and intraday bounce back may be halted in this zone.
• Nifty Futures has to cross 6140 to continue uptrend.
• We recommend to avoid any long trading positions in the market as steep downtrend may be seen in Nifty Futures in the coming days.
• 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 6010 & 6050 where as the intraday support levels are placed 5900 & 5850 respectively.