Nifty Futures analysis for 28-09-2017

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The Nifty Future may have formed a short-term bottom or is very near to it. This decline, as shown in the 60-min chart of it, appears to be in a 5-waves and is poised for a bounce back on upside which may take few days to complete. This expected 3-wave structure may take it up to 9953-10010 level before it continues its downward journey. Trading above 9810 for today will indicate a short-term bottom is in place.

nifty future 60 min-270917
Nifty future-60min chart

The day trader can buy it above 9810 with a stop loss of 9760 for a target price of 9900 and sell it below 9710 with the few points above day’s high till that time, as a stop loss, for a target price of 9651.

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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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