8th June: Weekly closing above 5000 will indicate trend reversal

• Nifty Futures closed at 5029 which is 50 points higher than its previous close of 4979.
• In last 4 trading sessions Nifty Futures traveled 277 points indicating a strong buying interest.
• The positional target remains still at 5100 and the zone of 5100 - 5150 is likely to provide strong resistance.
• The previous weekly close was at 4824 and previous weekly high was seen at 5011 and closing above 5000 will indicate trend reversal.
• The immediate support is placed at 4990 and the next support is at 4930 in case any corrective movement is seen.
• The short time RSI on daily chart is in positive move and supporting the current movement till 5100 levels.
• The short term trend of Nifty Futures will stay positive till the time it trades above 4870 levels.
• 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 4990 & 4930 respectively.