Nifty Outlook For Tomorrow 01-Dec

Today Nifty Futures closed at 5890 which is 45 points higher than its previous close of 5845. Nifty Futures formed a higher bottom at 5777 in comparison with the earlier bottom of 5727 and continued the upward correction. The current corrective trend may test the zone of 6000 - 6050 from where Nifty Futures are likely to come down near the 5800 mark once again. On the weekly chart also, the level of 6000 is showing a strong resistance indicating that the downtrend which started from 6350 is yet to complete. Though the current bottom of 5727 was formed exactly on the timing cycle day of 26th November, Nifty Futures is likely to test this level in the next few trading sessions. The zone of 5840 - 5800 is likely to provide a strong support intraday and Nifty Futures needs to maintain 5780 as it is a crucial support. The remaining long positions should be exited if Nifty Futures move in the zone of 6000 - 6050 as still a continuation of the fall may be seen as per the Elliot Wave Theory counts. The intraday resistances for Nifty Futures are placed at 5950 and 6000 whereas the supports are placed at 5840 and 5780. The intermediate trend reversal level is placed at 5600.