23rd July: Breakout above 6075 for Nifty Futures

• Nifty Futures closed at 6044 which is just 1 point higher than its previous close of 6043.
• Nifty Futures formed intraday high at 6075 but reacted downwards and closed below 6050.
• For past 3 trading sessions, the level of 6070 is providing strong resistance in intraday and acting as a crucial level for Nifty Futures.
• Nifty Futures needs to show a breakout above 6075 for uptrend continuation with immediate target of 6130.
• Till Nifty Futures trades above 5900, the short term trend will be in upward direction where stop loss is at 5900 only.
• Breach of 5900 will push Nifty Futures downwards towards the intermediate support of 5750.
• Till the July expiry, Nifty Futures is expected to show a high volatilitywhere the level of 5980 is an initial support.
• As long as Nifty trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction.
• The intraday resistance levels for Nifty are placed at 6075 & 6130 where as the intraday support levels are placed 6010 & 5980 respectively.

17th July: Abrupt correction halts upward momentum of Nifty Futures

• Nifty Futures closed at 5970 which is 63points lower than its previous close of 6033.
• Nifty Futures opened with 115 points downward price gap at 5918 which was the low of the day.
• Abrupt correction in Nifty Futures has halted the upward momentum and may test the level of 5900 in next few trading sessions.
• The level of 6000 to 6020 will provide strong resistance where again selling pressure may be seen in the market.
• Still the short term trend will remain in upward direction till Nifty Futures trades above 5800.
• The upward momentum will continue only if Nifty Futures closes above 6020.
• In next 2 – 3 trading sessions, the trend direction will be visible where the levels to watch are 5800 and 6000 on closing basis.
• As long as Nifty trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction.
• The intraday resistance levels for Nifty are placed at 5990 & 6020 where as the intraday support levels are placed 5940 & 5900 respectively.

16th July: Nifty Futures heading towards 6100 mark

• Nifty Futures closed at 6033 which is 26 points higher than its previous close of 6007.
• Nifty Futures opened near 6000 but was unable surpass 6050 levels and formed intraday high at 6045.
• From the bottom of 5808, Nifty Futures is consistently moving upwards for past 4 trading sessions and likely to test intermediate resistance 6100 in next few trading sessions.
• The intraday chart of Nifty Futures is showing initial support near 5980 and next support at 5930 for arresting corrective trend.
• We recommend to book profits in trading long positions near 6100 as multiple resistance levels are seen at this level on the charts.
• Any intraday correction near 5950 will provide a buying opportunity with a stop loss of 5850 and target of 6100.
• The trading volumes are on lower side indicating continuation of the current rally till the volume exertion seen on the charts.
• As long as Nifty trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction.
• The intraday resistance levels for Nifty are placed at 6060 & 6100 where as the intraday support levels are placed 5990 & 5950 respectively.

15th July: Weekly close of Nifty Futures above 6000

• Nifty Futures closed at 6007 which is 66 points higher than its previous close of 5941.
• Nifty Futures traveled 213 points in past 3 trading sessions showing strong upward momentum.
• On positional basis, Nifty Futures has initial target of 6100 after the upward breakout seen in the last week.
• The zone of 5970 – 5930 will provide strong support if any corrective trend is seen, which will be a buying opportunity.
• Now, the 200 Days EMA level of 5770 of Nifty Futures will act as trend reversal level on short term basis.
• On the weekly chart, third consecutive positive bullish candle is seen with week on week gains of 132 points.
• Short term RSI on daily chart is moving upwards indicating continuation of current uptrend till 6100 mark.
• As long as Nifty trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction.
• The intraday resistance levels for Nifty are placed at 6030 & 6080 where as the intraday support levels are placed 5970 & 5930 respectively.

12th July: Upward breakout of Nifty Futures after closing above 5900

• Nifty Futures closed at 5941 which is just 119 points higher than its previous close of 5822.
• Nifty Futures opened with 76 points upward price gap at 5898 and intraday high was seen at 5963.
• Nifty Futures has given upward breakout by closing above 5900 and likely to surpass 6000 mark.
• On a daily chart, ‘Inverted Head & Shoulder’ Pattern is seen with the neck line breakout above 5900 which is confirmed as shown in the chart.
• The target for ‘Inverted Head & Shoulder Pattern’ is placed near 6200 on positional basis.
• The trading positions are recommended near 5900 with a stop loss of 5750 for an initial target of 6100 and next at 6200.
• The crucial support and stop loss is placed at 5750 on closing basis for current expected uptrend.
• As long as Nifty trades below 6000 on weekly closing basis, the current intermediate trend will be in downward direction.
• The intraday resistance levels for Nifty are placed at 5970 & 6000 where as the intraday support levels are placed 5910 & 5850 respectively.

11th July: 5900 & 5750 leaves to decide the trend

• Nifty Futures closed at 5822 which is just 39 points higher than its previous close of 5868.
• Nifty Futures formed intraday high at 5877 but profit booking pushed Nifty Futures near 5800 mark.
• Looking at the current range-bound movement, the clear direction of the trend will be established only after breakout of 5900 or breakdown below 5750.
• Breakdown of 5750 will push Nifty Futures towards 5600 mark in the short span of time.
• At the same time, breakout of 5900 on closing basis will trigger a rally with initial target of 6100.
• The trading positions are recommended only after valid breakout or breakdown of Nifty Futures in the current range bound markets.
• The timing cycle indicates a trend direction by current week end and confirmed on weekly closing basis.
• As long as Nifty trades below 6000 on weekly closing basis, the current intermediate trend will be in downward direction.
• The intraday resistance levels for Nifty are placed at 5930 & 5980 where as the intraday support levels are placed 5850 & 5800 respectively.

9th July: Stagnant movement between 5900 & 5700 for few more days

• Nifty Futures closed at 5829 which is just 46 points lower than its previous close of 5875.
• Nifty Futures opened with 38 points downward price gap at 5837 and formed intraday bottom at 5772.
• In intraday, 72 points rally was seen in Nifty Futures from the day’s low and Nifty Futures managed to close above 5825.
• On the daily chart, 5900 is a strong resistance where as 5700 is showing multiple support, hence a consolidation will be seen in these levels for few more days.
• On the higher side, 5850 – 5900 is a zone where again selling pressure may be seen in the current sideways momentum.
• In case of upward breakout at 5900 on closing basis, upward breakout will be seen with an initial target of 6100.
• We do not recommend any trading positional long till Nifty Futures is not closing above 5900 mark.
• As long as Nifty trades below 6000 on weekly closing basis, the current intermediate trend will be in downward direction.
• The intraday resistance levels for Nifty are placed at 5850 & 5900 where as the intraday support levels are placed 5800 & 5750 respectively.

8th July: Nifty Futures unable to close above breakout level of 5900

• Nifty Futures closed at 5875 which is just 35 points higher than its previous close of 5840.
• Nifty Futures opened at 5870 and moved upwards to form intraday high at 5905 but the closing was seen well below 5900.
• A price gap support is placed at 5850 & if Nifty Futures trades below this level then it is likely to move downwards below 5800.
• The important support zone is placed near 5775 – 5755 where 200 – EMA and current intermediate bottoms are coinciding.
•  Nifty Futures needs to close above 5900 for a valid breakout and till this happens, a consolidation phase will be seen between 5900 - 5700.
• Nifty Futures exhibited 2^nd consecutive positive weekly close with week of week gain of 34 points.
• We do not recommend any trading positional long position till Nifty Futures is not closing above 5900 mark.
• As long as Nifty trades below 6000 on weekly closing basis, the current intermediate trend will be in downward direction.
• The intraday resistance levels for Nifty are placed at 5875 & 5925 where as the intraday support levels are placed 5800 & 5750 respectively.

4th July: Positional Target for Nifty Futures @ 5700

• Nifty Futures closed at 5859 which is just 4 points lower than its previous close of 5863.
• Nifty Futures opened with 43 points downward price gap and moved downwards to form intraday low at 5755.
• The gap down structure of Nifty Futures on daily chart is indicating target of 5700 in coming days.
• A price gap support and 50% retracement level is coinciding at 5700 hence this is positional target for current downtrend.
•  Any bounce back is likely to face strong resistance near 5810 from where again sell off may be seen in the market.
• In case of breach of 5700, next important support is placed at 5660 levels.
• As per Elliot wave theory analysis, current downtrend is labeled as 5^th wave which is a final fall and likely to form higher bottom near the earlier low of 5556.
• As long as Nifty trades below 6000 on weekly closing basis, the current intermediate trend will be in downward direction.
• The intraday resistance levels for Nifty are placed at 5800 & 5840 where as the intraday support levels are placed 5740 & 5700 respectively.