1st Oct: Early signs of trend reversal seen on weekly chart of Nifty Futures

• Nifty Futures closed at 5730 which is 80 points lower from its previous close of 5650.
• Nifty Futures formed intraday high at 5766 but reacted downwards and was not able to close above the crucial resistance of 5750 .
• ’The Gravestone Doji’ pattern is formed on daily chart which is suggesting profit booking and diminishing buying power.
• Key support remains ant 5640 and below that next level is placed at 5550.
• Though the weekly close is positive by 23 points the “Doji Pattern” formation is suggesting higher probability of testing of 5550 levels.
• The chartical indications are suggesting downward correction until Nifty Futures closes above 5760.
•  The short term trend of Nifty Futures is positive till it trades above the reversal level of 5335.
• The intermediate trend of Nifty Futures is in upward direction and the intermediate trend reversal level is 5200 on weekly closing basis.
• The intraday resistance levels for Nifty Futures are placed at 5760 & 5800 and support levels are placed at 5690 & 5640 respectively.