Nifty moving in channels intraday, current upward channel has support at 5120 and resistance at 5170. Horizontal decisive support is at 5100 (August Futures).
With -ve MACD crossover and resistances above 5150 weakening Nifty momentum to upside! A consistent close below 5130 (August Futures) weaken Nifty upward momentum even more, in this case immediate target would be near 5010. In case Nifty manages above 5130, next targets would be 5200 and 5300.
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| Nifty Intraday chart |
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| Nifty Daily Chart |
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