11th July: Nifty Futures approaching 5400 mark

• Nifty Futures closed at 5358 which is 79 point higher than its previous close of 5279.
• Nifty Futures opening and low of the day was near 5280 and around 80 points rally was seen in intraday surpassing 5350.
• The rally seen in intraday of 80 points in Nifty Futures above 5350 is supported by higher trading volumes suggesting continuation in the current uptrend.  
• Now as Nifty Futures has closed above 5350, it is likely to enter 5400 - 5450 zone which is also a positional target.
• The multiple resistances are seen in the above mentioned zone of 5400 - 5450, hence partial profit booking is recommended in long trading positions. 
• The previous two day’s low at 5280 which is now immediate support if any corrective trend is seen.
• The short term trend will remain in upward direction till the time Nifty Futures trades above 5090 which is crucial level to watch.
• The intermediate trend of Nifty Futures is in upward direction and the intermediate trend reversal level is 5000 on weekly closing basis.
• The intraday resistance levels for Nifty Futures are placed at 5400 & 5450 and support levels are placed at 5320 & 5280 respectively.