7th June: Stop loss 6050 for short selling positions

• Nifty Futures closed at 5937 which is just 1 point lower than its previous close of 5938.
• Nifty Futures breached 5900 level in intraday and formed low at 5878 but again closed above 5900 mark.
• Still, the level of 6000 remains as a crucial resistance for the current bounce back as per the daily closing chart of Nifty Futures.
• A level of 6050 can be maintained as stop loss for short selling positions in Nifty Futures in the zone of 5950 - 6000.
• The immediate target for Nifty Futures is placed at 5850 and next target is at 5775 which is 200 - EMA.
• Only in case of closing above 6050, a current downtrend in Nifty Futures will get aborted and upward momentum will be seen.
• We recommend to avoid any long trading positions till Nifty Futures is trading below 6050.
• 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 5950 & 6000 where as the intraday support levels are placed 5900 & 5850 respectively.