24th August: Market missing the required upthrust

• Nifty Futures closed at 5427 which is just 4 points lower from its previous close of 5431.
• Nifty Futures is consistently forming higher tops but the trading is seen in narrow range of 60 points through out the day with lower trading volumes.
• After surpassing the 5400 mark a strong bullish candle of more than 100 points was expected which is missing on the charts as few days are left for expiry.
• Any down move from here should get arrested in the range of 5350 - 5320 which is intermediate low on daily chart. 
• The level of 5320 is a very crucial level which is supporting the current up move and should be treated as a stop loss for existing long positions.
• On the higher side the level of 5490 is initial target where profit booking is recommended.
•  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.