19th Oct: Nifty Futures needs to close above 5750 to negate correction

• Nifty Futures closed at 5736 which is 66 points higher from its previous close of 5670.
• Nifty Futures was stable to stay above the earlier bottom of 5640 and moved above 5700 forming intraday high at 5744.
• The important level to watch is placed at 5750 and Nifty Futures needs to surpass this level on closing  for uptrend continuation.
• For last 8 trading sessions, Nifty Futures moved in a 110 points band of 5750 to 5640 and the breakdown or breakout is expected to trigger sharp movement thereafter..
• A previous weekly close was seen at 5687 and current positive weekly close will indicate re-entry of bulls . 
• Fresh long positions are recommended only after Nifty Futures closes above 5750.
•  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 & 5650 respectively.