24th May: Downside risk prevails till Nifty Futures trades below 4900

• Nifty Futures closed at 4815 which is 26 points lower than its previous close of 4841
• After breaching 4820 Nifty Futures moved near earlier bottom and formed intraday low at 4782.
• The daily and weekly charts are showing weakening trend and next important support is placed at 4750.
• If Nifty Futures is unable to maintain 4750 it may trigger a sharp sell off losing more 100 points.
• The short term trend reversal is revived downwards to 4960.
• The level of 4900 is likely to provide strong resistance if any intraday bounce back is seen.
• The next Timing cycle on weekly chart is suggesting a probable trend reversal in 4th week of the May.
• The intermediate trend of Nifty Futures is in downward direction and reversal will be confirmed above 5300 levels on closing basis.
• The intraday resistance levels for Nifty Futures are placed at 4850 & 4900 and support levels are placed at 4790 & 4750 respectively.