Nifty Futures analysis for 3-10-2017

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The Nifty Future failed to retain its intraday gains it made Friday, giving up most of it in the final hour of trading. The fourth wave as shown in the 60-min chart is either complete or make a new high up to 9916 before commencing a fifth wave decline up to the level of 9624 to 9611.

For day traders, Buy it above 9837 with a stop loss of 9805 for a target price of 9910-9915 region.Sell it below 9788 with a stop loss of 9835 for a target price of 9701. The positional traders can short it below 9788 with the stop loss of 9836 for a target price of 9638, 9624 levels. I do not recommend any long for positional traders.

nifty future 60 min -290917.jpg

The Bank Nifty

The Bank Nifty is now in ‘C’ wave of the correction of the rally from the low of 17617 made on December 26 – 2016, to the high of 25260 made on August 2 – 2017 with an expected target of 23419 and 22664. For day traders, buy it above 24152 with a stop loss of 24033 for a target of 24316 and sell it below 24015 with a stop loss of 24152 for a target of 23770.

The positional traders may sell it below 24010 with a stop loss of 24270 for a target price of 23421. The upside resistance to it is at 24356 & 24532. The risk-reward ratio does not permit a positional long at this stage.


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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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