Nifty Futures analysis for 15-09-2017

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The daily chart of Nifty future suggests that it is in the wave (B) of the corrective pattern. This wave can ideally retrace from a minimum of 81% and up to 138.2 % of wave (A), in case of Flat correction which is the likely possibility ( zig zag correction ruled out since it retraced more than 61.8 %).On completion of this wave, we expect a sharp correction, wave (C) which may take it below 9710.

Buying of it should only be considered above 10150 with a stop loss of 10009 for the target of 10229 and 10315. Selling should be considered below 10077 with a stop loss of 10117 for the target of 10021 and 9985.

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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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