7th June: Closing of Nifty Futures above 4920

• Nifty Futures closed at 4979 which is 133 points higher than its previous close of 4846.
• Nifty Futures opened with 36 points upward price gap and rallied throughout the day to test intraday high at 4989 levels.
• Nifty Futures not only managed to surpass crucial resistance of 4920; but also close 50 points above this level; suggesting strong breakout.
• The level of 5020 is an immediate resistance but the positional target remains at 5100 mark.
• The previous weekly high is seen at 5011 and sustaining above this level will indicate beginning of corrective uptrend.
• The earlier resistance of 4920 will now provide strong support if intraday correction is seen.
• The timing cycle day on 6th June is suggesting high probability of temporary bottom formation at 4760.
• 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 5060 & 5100 and support levels are placed at 4980 & 4920 respectively.