26th July: Nifty Futures needs to surpass 5200 for reversing the current downtrend

• Nifty Futures closed at 5113 which is 16 points above than its previous close of 5316.
• Nifty Futures dipped below 5100 and formed intraday low at 5078 but the closing was seen above 5100 mark.
• The important resistance is placed near 5200 where the 2nd downward price gap is  also coinciding on daily chart considering the current trend .
• Nifty Futures needs to surpass 5200 mark for reversing the current downtrend started from 5350 which has consumed past 11 trading sessions.  
• On the downside, 5100 - 5050 is a strong support zone which is likely to be maintained if any correction is seen.
• The short term RSI on daily chart is slowly entering in oversold territory on daily charts but yet to generate a buy signal.
• 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 5160 & 5200 and support levels are placed at 5090 & 5050 respectively.