22nd Aug: Nifty Futures heading towards 5500 levels

• Nifty Futures closed at 5442 which is 60 points higher from its previous close of 5382.
• Strong uptrend of 74 points was seen in Nifty Futures in intraday from the bottom of 5373 up to 5447 showing a much awaited breakout.
• After surpassing the 5400 mark, now Nifty Futures is heading towards its initial target of 5490 - 5500 which is expected to be achieved in next few trading sessions.
• Positional target for Nifty Futures is still maintained between 5500 - 5550 where multiple resistances are seen on the chart.
• Though the short term RSI on daily chart is entering the overbought territory, volume exertion is not seen suggesting strong upward momentum.  
• Any corrective trend in Nifty Futures is expected to find support in the range of 5350 - 5320 zone.
• The stop loss on positional basis for the current rally in Nifty Futures is at 5280 and the earlier signal of weakness will be seen once 5320 is breached.
• 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 5000 on weekly closing basis.
• The intraday resistance levels for Nifty Futures are placed at 5450 & 5490 and support levels are placed at 5400 & 5350 respectively.