30th Aug: Crucial support placed at 5260 for Nifty Futures

• Nifty Futures closed at 5297 which is 49 points lower from its previous close of 5346.
• Nifty Futures exhibited a “shaven body” pattern on daily chart suggesting immense selling pressure in market.
• The level of 5260 is likely to provide strong support for Nifty Futures but if it fails then sharp sell off may be seen in the market.
• Trend reversal level for Nifty Futures is placed at 5170 and at this juncture the victory of bears and bulls will decide the short term trend direction 
• However if any bounce back is seen in Nifty Futures then the level of 5350 is initial resistance to watch.
• The short term RSI with negative divergence and consistent fall in Nifty Futures is indicating to avoid any fresh long positions before any reversal signal on the chart. 
•  The short term trend of Nifty Futures is positive till it trades above the reversal level of 5170. 
• 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 5350 & 5400 and support levels are placed at 5260 & 5200 respectively.