16th July: Nifty Futures needs to close above 5320 for resuming uptrend

• Nifty Futures closed at 5240 which is 11 point lower than its previous close of 5251.
• On daily chart from last 2 trading sessions Nifty Futures is trading below 5300 showing absence of fresh buying.
• Double bottom is seen at 5220 and crucial support is placed at 5190 considering the short term trend of Nifty Futures.  
• A downward price gap of 32 points is still visible between 5312 and 5280 providing a strong resistance to Nifty Futures.
• Hence Nifty Futures needs to close above the level of 5320 for resuming uptrend and to come out of the current consolidation phase. 
• On weekly charts after 5 consecutive positive closings bearish candle is seen with week to week loss of 87 points.
• The short term trend will remain in upward direction till the time Nifty Futures trades above 5090 which is crucial level to watch.
• The intermediate trend of Nifty Futures is in upward direction and the intermediate trend reversal level is 5000 on weekly closing basis.
• The intraday resistance levels for Nifty Futures are placed at 5280 & 5320 and support levels are placed at 5220 & 5190 respectively.