Nifty Futures analysis for 22-09-2017

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nifty fut 60 min -210917
Nifty Futures 60 min chart


A high P/E ratio of 26+, worsening breath, more losing stocks than gaining, a strengthening dollar, an unabated selling by FII`S almost on regular basis, more money is pumped by mutual funds (DII`S) just enough to maintain the current level of the market and the most importantly, the indicators on the chart of Nifty Future points towards a tempory top and is poised for a meaningful correction now which may last for few weeks and take it below 9710 levels before a next up move takes place.

For today buy Nifty futures above 10175 with a stop loss of 10139 for a target price of 10229. Sell it below 10115 with a stop loss of 10145 for a target price of 10061. Maintain positional short position below 10060 with a stop loss of 10124 for the target below 9710.

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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