Nifty Futures analysis for 12-10-2017

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nifty future 60 min
Nifty future 60-min chart

Nifty Future formed a bearish engulfing candlestick pattern on the daily chart yesterday. A break of yesterday’s low at 9969.5 will validate the pattern and will confirm the bearishness of the market to last for next 4 to 5 trading session at least.

The day traders can avoid buying it for now as it faces resistance at  10026 & 10040 which is  50% and 61.8% retracement of the fall. Sell it below 9998 with a stop loss of 10034 for a target of 9935 & 9904.The risk to reward ratio does not allow me to give buy trade today.

The positional traders can sell it below 9969 with a stop loss of 10034 for a target of 9550.

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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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