28th May: Nifty Futures weekly close positive but 4950 is key level to watch

• Nifty Futures closed at 4919 which is just 6 points higher than its previous close of 4913.
• Nifty Futures is forming higher top higher bottom formation for last 3 trading sessions and showing a consolidation phase.
• The current weekly close is seen at4919 which is 30 points higher than its previous weekly close of 4889 and also a double bottom structure is seen at 4780 on weekly chart.
• Though the current week is positive after 4th consecutive negative weekly close, Nifty Futures needs to surpass and sustain above the resistance level of 4950.
• The short term RSI on daily chart is changes in buy mode but the confirmation will be seen once Nifty Futures closes above 4950.
• The crucial support is placed at 4800 levels below which again bearish trend will be seen.
• The Timing cycle is showing a higher probability of trend reversal in 4th week of May which will be confirmed after 2nd consecutive positive weekly close.
• 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 4950 & 5000 and support levels are placed at 4880 & 4830 respectively.