Nifty Futures analysis for 30-08-2017

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nifty future 60min-300817 E
Nifty Futures 60 min chart

The oversold status of the Stochastic oscillator and the support near the Keltner channel suggest that the wave (d) leg of the triangle is complete and wave (e) should carry it up to 9860-9880 Region which is 50% and 61.8% retracement as shown in the chart.

Selling should do only after the breaking of the (b-d) line as shown in the chart. The stop loss for this will be the top of wave (e) which may be formed today.The downside target for this positional trade is around 9623-9630 levels. No buying should be considered below 9884, One can go long only above 9918 for the targets of 9940 and 10000.

For today we will not trade until wave (e) top is formed and the b-d line is broken.

For detailed chart click here

For further trades or queries,
write back @

The author(s), or a member of their household, of this report does not hold a financial interest in the securities of this company. The author(s) has followed “blackout periods” that prohibit analysts from trading securities of the companies they follow for 30 days before and 5 days after they issue a research report about the company, and prohibits analysts from trading against their most recent recommendations—subject to exceptions for unanticipated significant changes in the personal financial circumstances of the beneficial owner of a research analyst account. The author(s), or a member of their household, does not serve as an officer, director or advisory board member of the subject company. The author(s) does not act as a market maker/promoter/beneficiary in the subject company’s securities. The information set forth herein has been obtained or derived from sources generally available to the public and believed by the author(s) to be reliable, but the author(s) does not make any representation or warranty, express or implied, as to its accuracy or completeness.


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