Nifty Futures analysis for 16-10-2017

Nifty future 60 min -131017
Nifty future 60 min chart

The Nifty Future had the highest daily and weekly close at 10192.4 indicating some for upside move is left in it. The upside target calculated by using Reverse Fibonacci of the previous decline from 10189.9 to 9695 is 10377. The intraday 60 min chart gives the resistance at 10357 where wave 1 or (A)= wave 3 or (B) as shown in the chart. Therefore 10357-10377 should be the strong resistance area.

The day traders can buy it above 10184 with a stop loss of 10154 for a target of 10288, 10355 and sell it below 10154 with a stop loss of 10185 for the target of 10096.

The positional trader can buy above 10160 with a strict stop loss of 10089 for the target of 10355 for next 2 -3 days.

For further trades or queries,
write back @ vinayagrawal1411@gmail.com

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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