NIFTY FUT as we mentioned just managed to close above the hurdle zone of 5920 and showed some faint signs of breaking outside the range. But Why only a faint sign, because despite looking to take out 5960 our next hurdle it failed to challenge that level. This will act as the next resistance for traders to watch out for in the next session. Above that we again have a hurdle in our swing resistance mentioned, plus the multi week high at 5990-6000 range. Only a range break out above 5865-6000 will be the swing break out to watch for and within this range we had asked traders to look for contrarian entries This perfectly worked fine today if we discount the spike low created.
On the downside now 5900-10 will act as a immediate support zone and below that support will emerge at 5890. Exepct NIFTY FUT to trade with a positive bias until it manages to hold above this range and vice versa below it.
