5th July: Awaiting for the breakout of 5350 in Nifty Futures

• Nifty Futures closed at 5323 which is 17 point higher than its previous close of 5306.
• After the break out of 5250 Nifty Futures is still trading below 5330 for past 3 trading sessions. 
• For continuing the upward momentum Nifty Futures needs to give a breakout above 5350 which is eagerly awaited.
• Long positions can be held till Nifty Futures enters the zone fo 5400 - 5450 which is a positional target. 
• Fresh long positions can be created either above 5350 or in the support zone fo 5250 - 5200 with a stop loss of 5090.
• On daily chart after the current rally from 5120 “Bullish Flag Pattern” is visible suggesting strong uptrend is in the offing.
• An upward price gap opening in Nifty Futures will be earlier sign of beginning of fresh uptrend. 
• 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 5270 & 5220 respectively.