16th Oct: Crucial Support for Nifty Futures @ 5640

• Nifty Futures closed at 5703which is 16 points higher from its previous close of 5687.
• The intraday low was seen at 5664 but Nifty Futures managed to close above 5700 mark.
• On daily chart, three bottoms are seen near 5660 and crucial support is placed at 5640 below which sell off  may be seen.
• After the breakdown of 5640, the next support is placed at 5600 but positional target is at 5550 which is 50% retracement level.
• Any bounce back in Nifty Futures will face strong resistance near 5750 - 5760 where profit booking is likely to be seen. 
• The short term trend will remain in downward direction till Nifty Futures trades below 5820.
•  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 5740 & 5780 and support levels are placed at 5640 & 5600 respectively.