22nd Oct: Nifty Futures weekly chart indicates upward breakout above 5750

• Nifty Futures closed at 5688 which is 48 points lower from its previous close of 5736.
• The range bound movement was continued in Nifty Futures for 8th consecutive trading session between 5750 & 5650 showing directionless momentum.
• The weekly close is flat in comparison with its previous weekly close of 5687 but a ‘Doji’ Pattern is seen on weekly chart suggesting indecisive trend.
• A sustainable breach and closing above 5750 is likely to trigger fresh rally which is expected to cross earlier high of 5855.
• On the downside, breakdown below 5640 may result in losing near about 100 points and testing of 5550 which is 50% retracement support. 
• Due to indecisive trend, trading positions are recommended after either a breakdown of 5640 or breakout of 5750 levels .
•  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 5720 & 5750 and support levels are placed at 5640 & 5600 respectively.