5th March: Weekly closing of Nifty Futures below 5676 likely to extend fall

• Nifty Futures closed at 5593 which is 95 points lower than its previous close of 5688.
• Nifty Futures opened with 30 points downward price gap at 5658 and tumbled down to close below crucial support level of 5600.
• Nifty Futures is in strong grip of bears and the downtrend is likely to continue with strong pace where its immediate targets are 5560 & 5520 levels respectively.
• On the higher side 5630 – 5640 is initial resistance zone if intraday bounce back is witnessed.
• The short selling positions can be initiated in the zone of 5630 – 5640 with the stop loss of 5700 and targets of 5560 & 5520 respectively.
• The previous weekly close was seen at 5676 and the current weekly close below this level is likely to extend the fall in next week.
• The RSI on daily chart has again turned downward from oversold territory and indicated selling signal on the charts.
• As long as Nifty trades below 5850, the current intermediate trend will be in downward direction.
• The intraday resistance levels for Nifty are placed at 5640 & 5680 where as the intraday support levels are placed at 5560 & 5520 respectively.