17th Oct: Short Selling Stop Loss 5750 for Nifty Futures

• Nifty Futures closed at 5652 which is 51 points lower from its previous close of 5703.
• Nifty Futures made intraday high at 5732 and lost 95 points in intraday breaching 5640 mark.
• As the intermediate of 5640 is breached in intraday, Nifty Futures is likely to continue the current downtrend with a target of 5600 and 5550 respectively.
• If any bounce back is seen near 5700, short selling can be initiated in Nifty Futures with stop loss of 5750 and positional target of 5550.
• The short term RSI on daily chart is still in the ‘Sell’ mode suggesting continuation of current corrective trend. 
• The upward trend reversal for Nifty Futures is placed at 5780 which is a previous week’s  high on the charts.
•  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 5680 & 5730 and support levels are placed at 5600 & 5550 respectively.