3rd July: Buying zone 5250 - 5200 for Nifty Futures

• Nifty Futures closed at 5296 which is just 1point higher than its previous close of 5297.
• Nifty Futures formed intraday high at 5324 but the intraday gains did not sustain and closing was seen below 5300 mark.
• Nifty Futures traveled 203 points from the low of 5121up to the current high of 5324 hence some corrective trend may be seen.
• As the level of 5350 is immediate resistance corrective trend may be seen in the range of 5250 - 5200.
• Buying can be initiated in Nifty Futures in the above mentioned zone of 5250 - 5200 with stop loss of 5090 for target of 5400 - 5450.
• Only in the case of strong closing above 5350 there is a probability that current uptrend may continue without showing any corrective trend.
• The upside gap of 56 points visible of daily chart from 5159 till 5215 is suggesting high probability of sustained run up in the market.
• 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 5350 & 5400 and support levels are placed at 5250 & 5200 respectively.