9th November: Nifty Futures needs to close above 5740 for positive weekly close

• Nifty Futures closed at 5765 which is 28 points lower than its previous close of 5793.
• Nifty Futures opened with 35 points downward price gap and formed intraday low at 5743.
• Now, the range of 5790 – 5780 is likely to provide a strong resistance and continuation of corrective trend may be seen.
• On downside, the zone of 5710 – 5680 is a strong support and ideal buying zone on positional basis for trading long positions.
• Nifty Futures can be bought near 5710 with the stop loss of 5610 and initial target is 5850.
• Till Nifty Futures trades above 5600, the short term trend will remain in upward direction.
• The intraday resistance levels for Nifty are placed at 5780 & 5830 where as the intraday support levels are placed at 5740 & 5700 respectively.