Nifty Futures analysis for 31-08-2017

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nifty fut 60 min-310817 E
Nifty Futures 60 min chart

As shown in the chart, the wave (e) segment of the triangle may be complete or may extend up to 9940 levels.Only the break of (b)-(d) line will confirm the completion of wave (e) and the subsequent downside move up to 9623-9630 levels to follow.

For today we will maintain a short position below 9882 with 9920 as a stop loss and the supports at 9856 and 9822 levels. The upside resistance is at 9940. The break of this level may take it up to 10000 levels.

The positional short position should only be taken after the break of (b)-(d) line which is around 9790 levels.

For detailed chart click here

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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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