9th October: Nifty Futures at the verge of breakdown below 5700

• Nifty Futures closed at 5701 which is 76 points lower from its previous close of 5777.
• For 2nd consecutive day, Nifty Futures closed in red and dipped below 5700 forming an intraday low at 5695.
• A daily chart is indicating short term trend reversal as  probable breakdown of 5700 mark is on the cards .
• Below 5700, an immediate target is placed at 5640 but positional target remains at  5550 which is 50% retracement support. 
• Any bounce back in Nifty Futures will face strong resistance in the zone of 5740 - 5770 where again selling pressure may be seen.
• The short term RSI on daily chart has cut the trigger line in downward direction suggesting high probability of short term trend reversal.
•  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 & 5770 and support levels are placed at 5640 & 5600 respectively.