11th Oct: Breakdown of 5700 in Nifty Futures

• Nifty Futures closed at 5672 which is 52 points lower from its previous close of 5724.
• Nifty Futures finally closed below the crucial support level of 5700 indicating short term trend reversal.
• The immediate target is placed at 5640 but the positional target remains at 5550 which is 50% retracement support.
• Any bounce back will face strong resistance in the zone of 5710 - 5740 for Nifty Futures where again selling pressure may be seen.
• The bounce back can be utilized for short selling in Nifty Futures with the stop loss of 5780 and targets of 5640 & 5550. 
• As the short term trend is reversed, we recommend to avoid long trading 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 5710 & 5740 and support levels are placed at 5640 & 5600 respectively.