After being in downward channel for past 2 days Nifty (August Futures) finally broke the resistance line. A sustained break above this level will have initial target of 5160.
On Nifty (August Futures) daily charts, after rallying from 4750 to 5360 sharply it retraced over 38% and attempting a support at its 100 SMA (5140). -ve crossover of MACD may limit its move beyond 5200 during intraday and beyond 5300 during short-term. However a sustained break above 5360 will have target of 5590 with resistances at 5400 and 5500. Downward supports are at 5050, 4980 and 4890
NIFTY-Intraday
On Nifty (August Futures) daily charts, after rallying from 4750 to 5360 sharply it retraced over 38% and attempting a support at its 100 SMA (5140). -ve crossover of MACD may limit its move beyond 5200 during intraday and beyond 5300 during short-term. However a sustained break above 5360 will have target of 5590 with resistances at 5400 and 5500. Downward supports are at 5050, 4980 and 4890
NIFTY-Intraday
NIFTY - Daily
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