16th July: Nifty Futures heading towards 6100 mark

• Nifty Futures closed at 6033 which is 26 points higher than its previous close of 6007.
• Nifty Futures opened near 6000 but was unable surpass 6050 levels and formed intraday high at 6045.
• From the bottom of 5808, Nifty Futures is consistently moving upwards for past 4 trading sessions and likely to test intermediate resistance 6100 in next few trading sessions.
• The intraday chart of Nifty Futures is showing initial support near 5980 and next support at 5930 for arresting corrective trend.
• We recommend to book profits in trading long positions near 6100 as multiple resistance levels are seen at this level on the charts.
• Any intraday correction near 5950 will provide a buying opportunity with a stop loss of 5850 and target of 6100.
• The trading volumes are on lower side indicating continuation of the current rally till the volume exertion seen on the charts.
• 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 6060 & 6100 where as the intraday support levels are placed 5990 & 5950 respectively.