nifty future technical levels for 6th may 2016

nifty future technical levels for 6th may 2016 Nifty may expiry future on 5th may 2016 closed at 7773 with gain. Nifty future showing bounce back signs but sentiment still bearish.   Below 7820 on closing basis, outlook for nifty future remain bearish and tgts are at 7605 and 7300. For tomorrow, 6th may 2016, nifty future intraday support zones are 7735 and 7700. On upside 7780 and 7920 are resistances.   Nifty if open above 7780 then expect short covering rally up to 7850 to 7920. This week closing above 7820 will confirm uptrend is intact, failure will result in downtrend confirmation.   For intraday, if open above 7780 then buy nifty future for tgts7850 to 7920. Option traders in that scenario can buy nifty 7800 call options for intraday.

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