Nifty Technicals - 3rd August

After repeated attempts to cross its resistance of 5240, Nifty formed a reversal candle yesterday. Now Nifty downward targets are placed at 5200, 5170, 5120 and 5060. Any fall towards 5120/5060 will be buying opportunity with SL at 5040. But sustained break of 5040 will invalidate this view with a down side target of 4900. Any recovery from 5200/5170 will have initial target of 5270, 5300 and 5350. So, while taking trade at any of the above said levels, momentum should be analysed at the mentioned level. Note: Levels mentioned are of Nifty Futures

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