15th July: Weekly close of Nifty Futures above 6000

• Nifty Futures closed at 6007 which is 66 points higher than its previous close of 5941.
• Nifty Futures traveled 213 points in past 3 trading sessions showing strong upward momentum.
• On positional basis, Nifty Futures has initial target of 6100 after the upward breakout seen in the last week.
• The zone of 5970 – 5930 will provide strong support if any corrective trend is seen, which will be a buying opportunity.
• Now, the 200 Days EMA level of 5770 of Nifty Futures will act as trend reversal level on short term basis.
• On the weekly chart, third consecutive positive bullish candle is seen with week on week gains of 132 points.
• Short term RSI on daily chart is moving upwards indicating continuation of current uptrend till 6100 mark.
• As long as Nifty trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction.
• The intraday resistance levels for Nifty are placed at 6030 & 6080 where as the intraday support levels are placed 5970 & 5930 respectively.