27th November: Trading below 5680 suggesting weak momentum in Nifty Futures

• Nifty Futures closed at 5643 which is 10 points higher than its previous close of 5633.
• The level of 5660 is still providing resistance for past 3 trading sessions indicating absence of buying interest in Nifty Futures.
• The zone of 5660 – 5680 is strong resistance and only after breakout above this zone, sustained up-move is expected in Nifty Futures.
• After the breakout of 5680, next level to watch is 5750 which is resistance seen on weekly chart.
• On the downside, a strong support is placed at 5600, if any corrective trend is seen.
• Long positions are recommended only after upward breakout of 5680 on closing basis in Nifty Futures.
• The short term RSI on daily chart is turned in the positive territory suggesting the level of 5600 will provide strong support.
• The intraday resistance levels for Nifty are placed at 5680 & 5725 where as the intraday support levels are placed at 5600 & 5550 respectively.