1st August: Profit booking recommended in the range of 5270 - 5310 in Nifty Futures

• Nifty Futures closed at 5241 which is 24 points higher than its previous close of 5217.
• Nifty Futures opened higher near 4240 and corrected in 1st half but bounced back in the later part recovering all its intraday losses.
•  Nifty Futures is now expected to continue the current upward momentum and likely to test the initial resistance level of 5270 
• The falling trend line connecting the high of 5635 and 5364 is showing the resistance near 5310 hence profit is recommended in this zone.   
• Immediate support is seen near the level of 5170 for Nifty Futures and below that crucial support is placed at the level of 5100.
• The current uptrend starting from 5040 is supported with higher trading volumes suggesting strength in the current rally.
• The short term trend reversal level of Nifty Futures is placed at 5300 above which the trend would turn in positive direction. 
• The intermediate trend of Nifty Futures is in upward direction and the intermediate trend reversal level is 4990 on weekly closing basis.
• The intraday resistance levels for Nifty Futures are placed at 5270 & 5310 and support levels are placed at 5200 & 5170 respectively.