12th Oct: Nifty Futures needs to close above 5777 for Positive Weekly Close

• Nifty Futures closed at 5739 which is 67 points higher from its previous close of 5672.
• After breaching 5700, Nifty Futures moved near 5650 and bounce back of around 100 points was seen in intraday.
• A current bounce is likely to face strong resistance near 5780 which is 62% retracement level.
• Now, trading below 5700 will be initial sign of weakness and once Nifty Futures breaches 5650, positional target is 5570..
• A previous weekly close is seen at 5777 and current weekly close above this level will indicate re-gaining strength of bulls. 
• Fresh long trading positions are not recommended till the corrective trend is continued in the Nifty Futures.
•  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 5770 & 5800 and support levels are placed at 5700 & 5650 respectively.