Nifty Futures analysis for 06-10-2017

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nifty future 60 min-051017
Nifty Future 60 min chart

Nifty future continues to rise in a corrective pattern with no signs of reversing. The high P/E ratio 25.69, the low India VIX of 11.71, the regular selling by FII`S and the contracting price range of it and many another indicator such surge in IPO`S with extreme valuations does indicate that this rally may end soon. I am not recommending any positional position in it yet and would like to look for the confirmative price action to support my view.

The day traders can buy it above 9932 with a stop loss of 9909 for a target of 9983 and sell it below 9909 with a stop loss of 9936 for a target of 9843.

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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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