5th June: Nifty Futures needs to sustain above 4900 to avoid further losses

• Nifty Futures closed at 4841 which is 16 points higher than its previous close of 4825.
• Nifty Futures breached earlier low of 4767 forming intraday low at 4760 in morning session, but recovery in intraday pushed it above 4825.
• Current corrective uptrend will face immediate resistance at 4900 levels and Nifty Futures needs to sustain above this level for avoiding further losses.
• Though the earlier signal of reversing the short term trend is above 4900, the intermediate level is placed at 4950 for its confirmation.
• On the downside the crucial support is placed at 4780 and breakdown of this level will push Nifty Futures downwards near 4700.
• The short term RSI on daily chart is still in negative territory and suggesting avoiding any bottom fishing at current levels.
• The Timing cycle day is showing 5th - 6th June for indicating the trend direction or trend reversal.
• 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 4870 & 4920 and support levels are placed at 4810 & 4780 respectively.