19th July: Corrective bounce may face resistance near 5260 - 5280

• Nifty Futures closed at 5224 which is 25 point higher than its previous close of 5199.
• Nifty Futures opened above 5200 but immediately fell down to form a fresh low at 5177 and 60 points intraday uptrend was seen surpassing 5230 mark.
• The 200 days EMA of Nifty Futures near 5170 provided a strong support where intraday rally was seen due to fresh buying as well as short covering.
• Now the immediate resistance zone to watch is placed between 5260 - 5280 and Nifty Futures needs to surpass this range for generating the positive momentum.  
• The level of 5190 is still a trend deciding level as closing below this level may trigger a sharp sell off below 5100 mark.
• The price gap of 32 points seen on daily chart between 5312 - 5280 is a strong hurdle for Nifty Futures and only after surpassing 5312 strength will be seen in the rally.
• 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 5260 & 5300 and support levels are placed at 5180 & 5135 respectively.