12th November: Negative Weekly close of Nifty Futures indicates lacking strength in rally

• Nifty Futures closed at 5721 which is 44 points lower than its previous close of 5765.
• Nifty Futures was unable to breach the level of 5780 and the correction pushed it downwards to form the intraday bottom at 5703.
• Nifty Futures is near its support of 5700 and the next support is placed at 5650 in case the weakness persists.
• The crucial support is placed at 5600 below which the short term trend direction can turn negative.
• Now 5800 – 5850 is a strong resistance zone and Nifty Futures needs to surpass 5850 on closing basis for uptrend continuation.
• The weekly close has turned negative by 20 points in comparison with its previous close indicating lacking strength in the rally.
• The next timing cycle day is placed at 22^nd / 23^rd November for signaling the trend direction.
• The intraday resistance levels for Nifty are placed at 5740 & 5780 where as the intraday support levels are placed at 5700 & 5650 respectively.