26th June: 5200 providing strong resistance ahead of expiry

• Nifty Futures closed at 5109 which is 42 points lower than its previous close of 5151.
• Market opened near 5160 and rallied till 5200 but was not able to sustain and closed in negative territory.
• On daily chart a triple bottom structure is seen near 5090 which is a crucial support to watch.
• The break down of 5090 will see a selling pressure ahead of fno expiry towards the support of 5050.
• Nifty Futures needs to maintain the trend reversal of 5020 and below this level a sharp slide may be seen pushing it towards 4960 levels.
• To regenerate the upward momentum Nifty Futures will have to surpass and sustain above 5190.
• The timing cycle is indicating upward breakout of 5150 on weekly charts and strong momentum may be seen till it holds the level of 5020.
• 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 5150 & 5190 and support levels are placed at 5090 & 5050 respectively.