Nifty Futures analysis for 13-10-2017

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nifty future 60 min -121017
Nifty future 60 min chart

The Nifty Future advance of 118.9 points yesterday was not on my expected direction. The Bearish Engulfing pattern which it has formed yesterday failed. This indicates that some more steam is left for it to the upside. Even though the most of my market indicators which I use does indicate the loss of momentum on the upside, I will wait for the price action of it to give some evidence before I commit to some position in it.

The day traders can buy it above 10093 with a stop loss of 10049 for the target of 10178 and sell it below 10049 with a stop loss of 10095 for a target of 9983.

If Nifty future manages to cross the previous high of 10189.9 than this rally further with the target of 10377.

The Reliance Industries Limited and HDFC Bank contributed 43.17 points out of 111.6 points which Nifty50 gained yesterday.

Buy Reliance Ind above 873 with a stop loss of 859 for the target price of 908.

For further trades or queries,
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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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