26th Oct: Early signal of Weakening trend if Weekly close below 5640

• Nifty Futures is still refusing to show the trend direction as 5750 & 5640 are still intact.
• Two previous consecutive weekly closes were seen at 5688 and current weekly close needs to maintain 5640 on closing basis.
• Early sign of weakness will be seen if Nifty Futures weekly close is seen below 5640 as sell off may follow after the breakdown.
• On the downside, the important levels to watch are 5600 & then 5550 which is 50% retracement support.
• But if Nifty Futures manages to clear 5750 on closing basis then a swift uptrend of around 100 points till 5850 will be materialized.
• Trading buying positions are recommended either above 5750 or near 5550 as per the chartical indications.
• The intraday resistance levels for Nifty are placed at 5750 & 5800 where as the intraday support levels are placed at 5680 & 5640 respectively.