30th May: 4900 - 4870 Strong support zone for Nifty Futures

• Nifty Futures closed at 4982 which is just 7 points higher than its previous close of 4975.
• Nifty Futures opened near 5000 and formed intraday high at 5011 but was not able to sustain above 5000.
• The immediate resistance is placed at 5020 from where intraday corrective trend may be seen.
• On downside 4900 - 4870 is a strong support zone where buying can be initiated with the stop loss of 4800.
• The positional target for Nifty Futures still remains at 5100 where multiple resistances are seen on the charts.
• Trading below 4850 will be initial sign of weakness but confirmation of downward momentum will be seen below 4800 mark.
• The bearish trend will establish only in the case of downward breach of 4850 on closing basis.
• The intermediate trend of Nifty Futures is in downward direction and reversal will be confirmed above 5300 levels on closing basis.
• The intraday resistance levels for Nifty Futures are placed at 5020 & 5060 and support levels are placed at 4920 & 4870 respectively.