7th August: Immediate resistance for Nifty Futures placed at 5360

• Nifty Futures closed at 5297which is 56  points higher than its previous close of 5241.
• Nifty Futures opened with an upward price gap of 47 points at 5287 and maintained the price gap throughout the day where intraday high was seen at 5309.
• Nifty Futures tested the resistance of 5310 during the day which is offered by the trend line connecting the previous 2 highs of 5700 and 5364 but failed to breach it on closing basis.  
• The current upward momentum is likely to test the intermediate resistance level of 5360 which is just 63 points away from the current close.
• The positional target fr Nifty Futures remains at 5400 where multiple resistances are coinciding, hence profit booking is recommended near this level.
• On the immediate basis the level of 5240 is an initial support and next support is placed at 5200 levels
• The crucial support and trend reversal level is placed at 5170 for Nifty Futures.   
• 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 5360 & 5400 and support levels are placed at 5240 & 5200 respectively.