10th Oct: Nifty Futures needs to surpass 5800 to avoid corrective trend

• Nifty Futures closed at 5701 which is 76 points lower from its previous close of 5701.
• Nifty Futures moved in a 60 points range throughout the day between 5756 and 5696 maintaining the crucial support level of 5700.
• The important resistance on intraday chart is placed near 5780, hence Nifty Futures needs to close above 5800 to avoid downward correction.
• As the technical indicators are suggesting overbought zone of the market, the crucial support to watch is placed at 5700 for reversing the trend.
• Below 5700, an immediate target is placed at 5640 but positional target remains at 5550 which is 50% retracement support. 
• The fresh long positions can be created only above 5800 where as strict stop loss of 5700 is recommended for ongoing long positions.
•  The intermediate trend of Nifty Futures is in upward direction and the intermediate trend reversal level is 5200 on weekly closing basis.
• The intraday resistance levels for Nifty Futures are placed at 5760 & 5800 and support levels are placed at 5690 & 5640 respectively.