23rd Aug: Long Positions can be held with a SL of 5320 in Nifty Futures

• Nifty Futures closed at 5431 which is 11 points lower from its previous close of 5442.
• Nifty Futures opened near 5405 and rallied thereafter surpassing yesterdays high of 5447 and forming new high at 5455 on intraday chart.
• Nifty Futures tested 5450 and now it is approaching initial target of 5490 where part profit booking is recommended in existing long positions
• Though the initial target is at 5490 the positional target for Nifty Futures is still maintained at  5540.
• In case of any counter trend move in Nifty Futures the support zone to watch is placed between 5390 and 5370.
• As the momentum in Nifty Futures is still in upward direction the long positions can be held with the stop loss of 5320.
•  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 5390 & 5350 respectively.