26th November: On weekly chart, Nifty Futures needs to surpass 5750 for reversal

• Nifty Futures closed at 5633 which is 7 points lower than its previous close of 5640.
• Nifty Futures is still hovering below initial resistance of 5660 indicating lacking strength of upward momentum.
• A positive weekly close is seen with week to week gains of 50 points.
• As per the weekly charts, the intermediate resistance and 62% retracement level is above 5750 and Nifty Futures needs to surpass this level for reversal.
• After the upward breakout of 5660 on closing basis, Nifty Futures is likely to test 5750 in a short span of time.
• On the downside, the current bottom of 5550 is a crucial support as after the breakdown below this level, a sell off may be seen till 5480.
• The timing cycle day is placed at 26^th November for signaling the trend direction.
• The intraday resistance levels for Nifty are placed at 5660 & 5700 where as the intraday support levels are placed at 5590 & 5550 respectively.