Nifty Futures analysis for 11-10-2017

nifty future-60 min 101017
Nifty future 60 min chart

Nifty future continues to rise with a low volume and with the slope rising to nearly 45 degrees imply that the rally from the low of 9695 may be corrective.  The reading on the oscillators namely RSI and Stochastic suggest that this rally may end soon and it may begin the next leg of decline. I will not open any positional short position in it yet and wait for the price action to show the commitment before I commit to the market.

The day traders can buy it above 10034 with a stop loss of 10012 for a target of 10082 and sell it below 10012 with a stop loss of 10034 for a target price of 9979 & 9929.

Positional short position can be taken below 9978 with a stop loss of 10047 for the target of 9550-9525 zone.

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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.


Author: Vinay Agrawal

VINAY AGRAWAL is SEBI registered Research Analyst. (Reg no INH000004501) with an excellent grip on technicals analysis, fundamentals and equity derivatives. Vinay Agrawal is a Technical Analyst. He has a vast experience of 26 years in the financial markets. He is the director of Blue chips corporate services Pvt Ltd, which is engaged in stock broking. Disclaimer: Investment are subject to market risk. No representations shall be entered that the predictions made by us herein will be profitable or otherwise. Readers using this information are solely responsible for their actions. The information is based on our personal assessment/judgement and we shall not be liable for any losses and damage.

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