23rd Nov: Weekly close above 5660 to indicate regaining strength in Nifty Futures

• Nifty Futures is consolidating in the range of 100 points between 5650 & 5550 for past 4 trading sessions.
• Nifty Futures is yet to show a sharp breakout above 5660 which will be the initial sign of reversing trend.
• Though the previous weekly close was seen at 5580, current close above 5660 will be a positive indication for initiating long trades.
• After the upward breakout of 5660 on closing basis, Nifty Futures is likely to test 5725 in a short span of time.
• On the downside, the current bottom of 5550 is a crucial support as below this level, a sell off may be seen till 5480.
• 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 & 5725 where as the intraday support levels are placed at 5590 & 5550 respectively.