9th August: Nifty Futures is likely to find support in the range of 5300 - 5250

• Nifty Futures closed at 5355 which is just 7points higher than its previous close of 5348.
• Nifty Futures opened at 5355 and moved near 5400  forming intraday high at 5393 but near the closing session reacted downwards
• The intraday chart is indicating corrective trend in Nifty Futures near 5300 as indicated by channel breakdown shown in the chart.
• The above mentioned corrective downward movement in Nifty Futures is likely to find support in the range of 5300 - 5250.
• The buying is recommended in Nifty Futures in this range of 5300 - 5250 with a stop loss of 5180  and initial target of 5400.
• On the higher side if Nifty Futures manages to move above this mentioned initial resistance level of 5400 then fresh up move could be seen till the level of 5490.  
• The short term trend of Nifty Futures is reversed to positive direction as market has closed above the reversal level of 5300. 
• 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 5390 & 5440 and support levels are placed at 5300 & 5250 respectively.