8th Oct: 5th Consecutive Positive Weekly Close for Nifty Futures

• Nifty Futures closed at 5777 which is 49 points lower from its previous close of 5826.
• In a volatile trading session, Nifty Futures opened at 5855 and lost 123 points in intraday forming a low at 5732 but some recovery was seen near the closing.
• Nifty Futures managed to stay above the crucial level of 5700 which is earlier trend reversal level.
• Nifty Futures exhibited 5th consecutive positive weekly close with week on week gain of 45 points. 
• The important level is placed at 5870 where multiple resistances are seen and can be achieved if current rally continues.
• For long trading positions, strict stop loss of 5700 is recommended and profit booking is suggested if the target of 5870 is achieved.
• If the breakdown of 5700 is materialized, then next support level to watch is 5050 which is 50% retracement level .
•  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 5820 & 5870 and support levels are placed at 5700 & 5660 respectively.