31st July: Nifty Futures approaching the immediate resistance of 5270

• Nifty Futures closed at 5217 which is 93 points higher than its previous close of 5124.
• Nifty Futures opened and traded above 5150 throughout the day and formed intraday high at 5222.
•  Nifty futures has broken the falling channel on daily charts and surpassed 5200 mark showing upward momentum.
• After closing above 5200 mark Nifty Futures is now approaching the immediate resistance level of 5270.   
• On the higher side the zone of 5270 - 5300 will provide a strong resistance hence profit booking is recommended in this zone.
• On the downside range of 5150 - 5100 is a strong support zone which is likely to halt any corrective trend if seen in the market.
• The short term RSI on daily charts has cut the trigger line in upward direction suggesting continuation of uptrend in market. 
• 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 5250 & 5300 and support levels are placed at 5180 & 5120 respectively.