12th July: Upward breakout of Nifty Futures after closing above 5900

• Nifty Futures closed at 5941 which is just 119 points higher than its previous close of 5822.
• Nifty Futures opened with 76 points upward price gap at 5898 and intraday high was seen at 5963.
• Nifty Futures has given upward breakout by closing above 5900 and likely to surpass 6000 mark.
• On a daily chart, ‘Inverted Head & Shoulder’ Pattern is seen with the neck line breakout above 5900 which is confirmed as shown in the chart.
• The target for ‘Inverted Head & Shoulder Pattern’ is placed near 6200 on positional basis.
• The trading positions are recommended near 5900 with a stop loss of 5750 for an initial target of 6100 and next at 6200.
• The crucial support and stop loss is placed at 5750 on closing basis for current expected uptrend.
• 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 are placed at 5970 & 6000 where as the intraday support levels are placed 5910 & 5850 respectively.