14th Aug: 5320 is likely to provide strong support to Nifty Futures

• Nifty Futures closed at 5372 which is 27 points higher  than its previous close of 5345.
• Nifty Futures opened at 5338 and formed intraday low at 5326 which is higher than previous days low but managed to close at 5372.
• The upward breakout is placed at 5400 hence closing or sustaining above this level is likely trigger sharp rally in Nifty Futures.
• After the expected breakout initial target for Nifty Futures is at 5490 and the next target on positional basis is placed at 5600 level.  
• For past 3 trading sessions corrective trend of Nifty Futures is getting arrested between 5330 - 5320 hence Nifty Futures needs to maintain this level .
• If the level of 5320 is breached downward then next support level to watch is placed at 5280 for Nifty Futures.
• 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 & 5420 and support levels are placed at 5320 & 5280  respectively.