7th November: Nifty Futures is in the offing of a breakout above 5780

• Nifty Futures closed at 5767 which is 27 points higher than its previous close of 5740.
• Nifty Futures continued the uptrend and closed near the breakout level of 5780.
• The daily chart is indicating a fresh uptrend which will confirm if Nifty Futures closes above 5780 and sustained rally will be seen thereafter.   
• After this upward breakout, the immediate target is placed at 5850 and the next is at 5900.
• Now the stop loss is revised to 5700 for long trading positions.
• Long positions can be added in Nifty Futures above 5780 with the revised stop loss of 5700 and target is 590.
• Till Nifty Futures trades above 5600, the short term trend will remain in upward direction.
• The intraday resistance levels for Nifty are placed at 5850 & 5900 where as the intraday support levels are placed at 5700 & 5660 respectively.