2nd August: Nifty Futures approaching trend line resistance of 5300

• Nifty Futures closed at 5256 which is just 15 points higher than its previous close of 5241.
• Nifty Futures opened flat at 5239 and traded in a narrow range of 37 points from 5267 up to 5229 through out the day consolidating previous gains.
•  Nifty Futures is now approaching its trend line resistance placed at the level of 5300 where part profit booking is recommended in long positions
• After booking part profits near 5300 in long trading positions the remaining positions can be held with the stop loss of 5100.
• The 200 Days EMA of Nifty Futures is placed at 5170 which is likely to provide good support on the downside if any corrective movement is seen
• Only in the case of closing above 5310 the next resistance is placed at 5360 which is current intermediate high.  
• The short term trend reversal level of Nifty Futures is placed at 5300 above which the trend would turn in positive direction.
• 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 5300 & 5360 and support levels are placed at 5210 & 5170 respectively.