6th June: 5950 – 6000: Immediate resistance zone for Nifty Futures

• Nifty Futures closed at 5938 which is 6 points higher than its previous close of 5932.
• Nifty Futures dipped below 5900 forming intraday low 5896 but recovered to close near 5940.
• Retracement resistance levels for Nifty Futures are placed at 5985 and 6010 where again selling pressure will be seen.
• On the downside, 5850 is the immediate target of current fall after breach of 5900 mark.
• The next support level after 5850 is placed at 5775 which is 200 - EMA.
• The short term trend of Nifty Futures will turn in upward direction only if it crosses 6130 level on higher side.
• We recommend to avoid any long trading positions in the market as steep downtrend may be seen in Nifty Futures in the coming days.
• As long as Nifty Futures trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction.
• The intraday resistance levels for Nifty Futures are placed at 5970 & 6010 where as the intraday support levels are placed 5900 & 5850 respectively.