21st Nov: Nifty Futures needs to maintain 5550 to avoid further erosion

• Nifty Futures closed at 5583 which is 7 points lower than its previous close of 5590.
• Nifty Futures failed to show expected bounce and again moved in the vicinity of 5550.
• The lacking buying interest is pushing Nifty Futures downwards where the crucial support is placed at 5550.
• Nifty Futures needs to maintain 5550 as breakdown of this level will lead to testing of 5470 levels where sharp selloff may be seen.
• On the higher side 5620 & 5660 are expected to provide resistance to Nifty Futures if any corrective uptrend is seen.
• The strength in the market will be seen only after Nifty Futures trades and sustains above 5700.
• 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 5620 & 5660 where as the intraday support levels are placed at 5550 & 5500 respectively.