8th August: Nifty Futures needs to surpass 5360 for continuation of upward momentum

• Nifty Futures closed at 5348 which is 51points higher than its previous close of 5297.
• Nifty Futures opened above 5300 and rallied throughout the day  to test the intermediate resistance level of 5360
• To continue the current upward momentum Nifty Futures needs to surpass and stay above the level of 5360 for moving near 5400 mark.
• As multiple resistances are seen near the level of 5400 we recommend to book part profit in existing long positions in the zone of 5380 - 5400.  
• If the corrective trend is seen the immediate support zone for Nifty Futures is placed between 5300 - 5270.
• The short term RSI on daily chart is still in the positive territory and indicating continuation of the current uptrend after a brief pause.   
• The short term trend of Nifty Futures is reversed to positive direction as market has closed above the reversal level of 5300 . 
• 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 5360 & 5400 and support levels are placed at 5300 & 5250 respectively.