25th May: Charts indicating upbeat mood of Nifty Futures

• Nifty Futures closed at 4913 which is 98 points higher than its previous close of 4815
• Nifty Futures opened at 4820 and formed intraday low at 4812 but the rally pushed Nifty Futures above 4900 towards closing.
• Nifty Futures is expected to test the initial resistance level of 4970 from where a mild reaction may be seen towards 4900.
• Previous weekly close is 4889 and current weekly close above 4900 will indicate higher probability of trend reversal.
• The Short term RSI on daily chart has cut the trigger line and increase in daily volumes are suggesting that the bounce back is in offing .
• Nifty Futures needs to maintain the crucial support level of 4770 for changing the trend in upward direction.
• 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 4930 & 4980 and support levels are placed at 4880 & 4830 respectively.