More about NIFTY

As we had mentioned in our last post, a red monday pulled NIFTY back to 5800 levels. This makes us publish the next level of support and resitance for NIFTY. So here we go

Resistance

6000, 6065, 6120

Support

5926, 5835, 5771, 5730

Other things to be noted and important are

1. NIFTY was successfully supported by the 50-day EMA today. If NIFTY closes above 5926 with a green day tomorrow that will signal a trend reversal.
2. The same 50-day EMA line, if breached will take NIFTY down to above mentioned support levels, with 50-day EMA line acting as a resistance.

NOTE - NIFTY has been range-trading for past several months. It reached the bottom of the range yesterday and a reversal from this point may take NIFTY to the upper end of the range which is near 6400-6500 levels.