28th June: 5200 to provide resistance for Nifty Futures

• Nifty Futures closed at 5140 which is 14 points higher than its previous close of 5126.
• Range bound movement of 40 points was seen in Nifty Futures between 5160 and 5120 levels.
• Nifty Futures is likely to test the initial resistance level of 5200 but the breakout is placed at 5200 on closing basis.
• On daily chart the trend line support for Nifty Futures is placed at the level of 5100.
• In case of Nifty Futures breaching the level of 5100 - 5090 next support is placed at 5050.
• The current consolidation is likely to end in next 2 trading sessions and fresh rally is expected from beginning of next week.
• 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 5180 & 5230 and support levels are placed at 5090 & 5050 respectively.