23rd July: Breakout above 6075 for Nifty Futures

• Nifty Futures closed at 6044 which is just 1 point higher than its previous close of 6043.
• Nifty Futures formed intraday high at 6075 but reacted downwards and closed below 6050.
• For past 3 trading sessions, the level of 6070 is providing strong resistance in intraday and acting as a crucial level for Nifty Futures.
• Nifty Futures needs to show a breakout above 6075 for uptrend continuation with immediate target of 6130.
• Till Nifty Futures trades above 5900, the short term trend will be in upward direction where stop loss is at 5900 only.
• Breach of 5900 will push Nifty Futures downwards towards the intermediate support of 5750.
• Till the July expiry, Nifty Futures is expected to show a high volatilitywhere the level of 5980 is an initial support.
• 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 6075 & 6130 where as the intraday support levels are placed 6010 & 5980 respectively.