26th March: 5550: Intermediate Trend Reversal for Nifty Futures

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• Nifty Futures closed at 5645 which is 23 points lower than its previous close of 5668.
• Nifty Futures opened 32 points higher at 5700 but was not able to move above 5720 and day’s low was seen at 5634.
• The zone of 5600 – 5550 is a support zone for Nifty Futures where current downtrend may be halted.
• The expected bounce back will face strong resistance between 5750 & 5800.
• But if Nifty Futures is unable to sustain 5550 on closing basis then intermediate trend reversal will be seen with a sharp sell off in the market.
• The immediate important levels to watch for Nifty Futures are 5720 as resistance and 5600 as a support.
• Next timing cycle day is placed on 26^th March which will help to confirm trend direction.
• As long as Nifty trades below 6000, the current intermediate trend will be in downward direction.
• The intraday resistance levels for Nifty are placed at 5720 & 5770 where as the intraday support levels are placed at 5600 & 5550 respectively.