9th July: Stagnant movement between 5900 & 5700 for few more days

• Nifty Futures closed at 5829 which is just 46 points lower than its previous close of 5875.
• Nifty Futures opened with 38 points downward price gap at 5837 and formed intraday bottom at 5772.
• In intraday, 72 points rally was seen in Nifty Futures from the day’s low and Nifty Futures managed to close above 5825.
• On the daily chart, 5900 is a strong resistance where as 5700 is showing multiple support, hence a consolidation will be seen in these levels for few more days.
• On the higher side, 5850 – 5900 is a zone where again selling pressure may be seen in the current sideways momentum.
• In case of upward breakout at 5900 on closing basis, upward breakout will be seen with an initial target of 6100.
• We do not recommend any trading positional long 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 5850 & 5900 where as the intraday support levels are placed 5800 & 5750 respectively.