4th June: Weekly Closing suggesting strong bearish trend

• Nifty Futures closed at 4825 which is 99 points lower than its previous close of 4924.
• In last 4 trading sessions, Nifty futures lost 196 points and now approaching the current bottom of 4767.
• The breach of 4750 on closing basis may push Nifty Futures towards its December 2011 bottom near 4600.
• Nifty Futures lost 94 points week on week basis with appearance of strong bearish candle on weekly chart.
• The level of 4750 is showing a double bottom structure on weekly charts and its breakdown may create panic selling in the market towards 4600.
• Now the level of 4880 - 4900 will provide a strong resistance if any bounce back is seen.
• Timing cycle day is showing 5th - 6th June for indicating the trend direction or trend reversal.
• 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 4830 & 4880 and support levels are placed at 4770 & 4700 respectively.