29th May: Nifty Futures upward breakout above 4950 is likely to test 5050 - 5100

• Nifty Futures closed at 4975 which is 56 points higher than its previous close of 4919.
• Nifty Futures opened at 4931 which was the day’s low and rallied more than 60 points in intraday to form a high at 4995.
• After a positive weekly close, Nifty Futures breached the level of 4950 on closing basis and now likely to test the next resistance of 5050 - 5100.
• The falling trend line resistance and 62% retracement level (from 5280 - 4790) are coinciding at 5100, Hence this is crucial level to watch.
• The intraday chart is showing price consolidation near 4850, hence this level can be considered as trend reversal level for current bounce back.
• The short term RSI on daily chart is in positive territory and also indicating Nifty Futures to continue the current rally towards 5050 - 5100.
• The bearish trend will establish only in the case of downward breach of 4850 on closing basis.
• 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 5030 & 5080 and support levels are placed at 4950 & 4900 respectively.