31st Oct: Breakdown below 5640 in Nifty Futures

• Nifty Futures closed at 5628 which is 74 points lower from its previous close of 5702.
• Finally the range bound trading is ended with breakdown of 5640 levels on closing basis in Nifty Futures indicating short term trend direction in downward side.
• Now, the positional target for Nifty Futures is placed at 5550 which is 50% retracement support.
• Any bounce back in Nifty Futures may face strong resistance in the zone of 5660 – 5680 where short selling positions can be initiated with the stop loss of 5730.
• The short term RSI on daily chart has cut the trigger line in downward direction suggesting continuation of current fall.
• Nifty Futures needs to surpass 5730 for changing the trend in upward direction.
• The timing cycle is indicating to continue the current trend till 30^th October to 2^nd November.
• The intraday resistance levels for Nifty are placed at 5660 & 5680 where as the intraday support levels are placed at 5590 & 5550 respectively.