6th August: Positional Target 5400 for Nifty Futures

• Nifty Futures closed at 5241which is just 6  points lower than its previous close of 5247.
• Nifty Futures opened with downward price gap and formed intraday bottom of 5177 and rallied upwards throughout the day showing regaining strength.
• The important resistance to watch is placed at 5310 and if it is surpassed on closing basis then positional target for Nifty Futures is seen at 5400.  
• On the weekly chart, positive weekly close is seen with 118 points gain on week to week basis indicating fresh rally in the market.
• The short term RSI and trading volumes on daily chart are supporting the current up-move and the possibility of testing of 5400 mark.
• Now, the level of 5170 can be treated as stop loss for trading long positions with positional target of 5400.   
• 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 5310 & 5360 and support levels are placed at 5250 & 5200 respectively.