8th July: Nifty Futures unable to close above breakout level of 5900

• Nifty Futures closed at 5875 which is just 35 points higher than its previous close of 5840.
• Nifty Futures opened at 5870 and moved upwards to form intraday high at 5905 but the closing was seen well below 5900.
• A price gap support is placed at 5850 & if Nifty Futures trades below this level then it is likely to move downwards below 5800.
• The important support zone is placed near 5775 – 5755 where 200 – EMA and current intermediate bottoms are coinciding.
•  Nifty Futures needs to close above 5900 for a valid breakout and till this happens, a consolidation phase will be seen between 5900 - 5700.
• Nifty Futures exhibited 2^nd consecutive positive weekly close with week of week gain of 34 points.
• We do not recommend any trading positional long position till Nifty Futures is not closing above 5900 mark.
• 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 5875 & 5925 where as the intraday support levels are placed 5800 & 5750 respectively.