22nd November: Unless 5660 is breached, Nifty Futures trend sideways

• Nifty Futures closed at 5622 which is 38 points higher than its previous close of 5584.
• For past 3 trading sessions, Nifty Futures is moving in a terminating pattern and will be confirmed the trend reversal once Nifty Futures moves above 5660 level.
• On the daily chart, a 7 points price gap is seen between 5664 and 5671, hence the level of 5660 is showing multiple resistance on daily chart.
• After the breakout of 5660 on closing basis, a sharp breakout may be seen till 5750.
• On the downside, the current bottom of 5550 is a crucial support as below this level, a sell off may be seen till 5480.
• Though short term RSI is in the oversold territory, it is yet to cut the trigger line upwards and suggesting long positions after 5660.
• The next timing cycle day is placed at 23^rd / 26^th November for signaling the trend direction.
• The intraday resistance levels for Nifty are placed at 5660 & 5700 where as the intraday support levels are placed at 5590 & 5550 respectively.