4th July: Nifty Futures in a buy in dips mode

• Nifty Futures closed at 5306 which is 10 point higher than its previous close of 5296.
• The level of 5330 is still providing strong resistance and Nifty Futures is trading in the range of 60 points between 5330 - 5270.
• Any intraday correction near 5250 - 5200 will be a buying opportunity with a positional target of 5400 and stop loss of 5090.
• As per the intraday chart the immediate resistance is 5350 and above that Nifty Futures is likely to test the level of 5400.
• Though short term RSI on daily chart is in overbought territory still it is moving above the trigger line maintaining the buy mode.
• Nifty Futures needs to close above 5350 to come out of the current consolidation phase and to exhibit a fresh rally.
• The stop loss is still maintained at the level of 5090 for long trading positions.
• 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 5350 & 5400 and support levels are placed at 5250 & 5200 respectively.