27th July: 4990 is Trend Reversal and Crucial Support for Nifty Futures

• Nifty Futures closed at 5043 which is 70 points below than its previous close of 5113.
• Nifty Futures opened at 5124 which was the days’ high and panic selling was observed throughout the day forming intraday low at 5034.
• Nifty Futures is consistently forming lower top - lower bottom and lost 330 points from the high of 5364 .
• The 62% retracement level and crucial support of entire uptrend from the low of 4760 to the high of 5364 is placed at 4990.  
• Nifty Futures needs to maintain the support of 4990 and downward breach of 4990 will result in reversing the trend in downward direction.
• On the daily chart, a ‘Falling Channel’ structure is seen where 5120 - 5170 is a strong resistance zone.
• The short term trend reversal level of Nifty Futures  is placed at  5300 above which the trend would turn in positive direction.
• The intermediate trend of Nifty Futures is in upward direction and the intermediate trend reversal level is 4990 on weekly closing basis.
• The intraday resistance levels for Nifty Futures are placed at 5080 & 5120 and support levels are placed at 5040 & 4990 respectively.