13th Aug: Breakout for Nifty Futures placed at 5400

• Nifty Futures closed at 5345 which is just5points lower  than its previous close of 5350.
• The consolidation phase and narrow range movement continued for past 4 trading sessions in the market as Nifty Futures is closing near 5350.
• 2nd consecutive positive weekly close is seen in Nifty Futures with a gain of 109 points on week to week basis
• On weekly chart the upward breakout is placed at 5400 levels and with a positional target near 5600 levels.  
• On the downside if any corrective movement is seen the strong support zone is seen in the range of 5280 - 5260 where buying is recommended.
• The stop loss for long trading positions is placed at 5170 below which selling pressure may be seen in the market.
• The short term trend of Nifty Futures is reversed to positive direction as market has closed above the reversal level of 5300. 
• 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 5380 & 5410 and support levels are placed at 5340 & 5280  respectively.