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.