NIFTY FUT tests 5930. Why is it important to watch out these levels

NIFTY FUTURE- 4^th June Trading Guide

NIFTY FUT quite a lot has changed since we posted few days back. We had mentioned that 6030 will be a crucial swing level to watch out for and long time readers will recall that the projected targets below these were mentioned as 5990 and 5950 levels.

Today NIFTY FUT tested 5930 trading levels and barely managed to sustain those trading levels. The last time these levels were tested on 24^th May (Refer to our posts around that time) we had mentioned that this was a terrific low risk pull back opportunity and we saw a serious bounce from those levels to about near 200 points.

Today NIFTY FUT marked a low just there and managed to pull back to close at around 5960 trading levels. With the current close NIFTY FUT will face immediate resistance around 5980-90 trading levels and clearing and sustaining above these trading levels can lead to a test of 6035 zones which should form as a serious hurdle going forward. On the downside 5935 will be a crucial level to watch out for and if NIFTY FUT manages to crack this level we can see another round of downside movement to test 5890 and 5855 odd levels on the downside.

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Trading levels for the day:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5990-95  sustaining above which it will target 6030,6065
POWERTRADE TREND DECIDER OF THE DAY ------- 5960-65
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5930-35
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5895,5855