9th April: 5500: Make or Break Level for Nifty Futures on closing basis

• Nifty Futures closed at 5559 which is 13 points lower than its previous close of 5572.
• Nifty Futures continued the downtrend in a narrow range trading and registered intraday low at 5550.
• Nifty Futures is refusing to turn upwards and trading below 5600 is indicating an inherent weakness in the market.
• The level of 5500 is having strong importance as a crucial support as this is the last defensive line for bulls.
• As per the timing cycle day, placed on 9^th and 10^th April, a reversal is expected which will be confirmed above 5650.
• But if Nifty Futures closes below 5500 then this will be a worrisome sign and sharp selloff will be seen.
• The short term RSI on daily chart is again turned downwards indicating breach of 5650 is necessary for confirming the reversal.
• 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 5600 & 5650 where as the intraday support levels are placed at 5530 & 5500 respectively.