- Nifty Futures closed at 5676which is 30 points higher from its previous close of 5646.
- Nifty Futures tested and closed in the resistance zone of 5660 – 5680 but the short term trend is still in the downward direction.
- For past three weeks, the closing of Nifty Futures was seen near 5690 and if current weekly close is seen above 5700 then this will be the first indication of trend reversal.
- The confirmation of trend reversal and breakout is placed at 5750 above which the immediate target is at 5850.
- On the downside, an immediate support is placed at 5590 and the next support is at 5550.
- Though the RSI has entered in oversold zone on daily chart, still it is moving below a trigger line suggesting short term trend in downward direction.
- The timing cycle is indicating to continue the current trend till 2nd & 5th November.
- The intraday resistance levels for Nifty are placed at 5700 & 5730 where as the intraday support levels are placed at 5630 & 5590 respectively.
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