21st August: Sustaining above 5400 will turn markets in bulls favor

• Nifty Futures closed flat at 5382 which same as its previous days close.
• Nifty Futures breached previous 3 sessions high and tested 5423 but could not sustain  and reacted downwards closing 40 points lower from days high.
• After consistent attempts Nifty Futures failed to close above 5400 on weekly closing basis..
• But 3rd consecutive positive weekly close is seen in Nifty futures with a gain of 38 points week on week basis.
• On daily chart last 7 trading sessions has formed a parallelogram pattern which is showing 5350 - 5320 as an initial support zone.  
• If the level of 5320 is breached then next important level is at 5280 which should be treated as a stop loss on positional basis.
• If Nifty Futures is able to sustain above 5400 then strong uptrend may be visible with initial target of 5490 and positional target of 5600.
• The short term trend of Nifty Futures is reversed to positive direction as market is trading 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 5410 & 5450 and support levels are placed at 5350 & 5320 respectively.