Nifty Futures analysis for 23-10-2017

Nifty future 60 min chart -191017
Nifty future 60 min chart

The short-term trend in Nifty Future is still positive and now has a resistance at 10225 and 10248. The inability of it to cross 10248 will confirm that short-term top is in place and it is heading towards 9695 levels. A close above 10248 will indicate that the uptrend is likely to resume with an initial target of 10334 and10377 region.

The day traders can buy Nifty future above 10190 with a stop loss of 10158 for a target of 10224 and 10248 and sell it below 10150 with a stop loss of 10170 for a target of 10071.

The Positional traders can initiate a long position above 10190 with a stop loss of 10149 for a target of 10334-10377 region. Square up the long position it faces resistance at 10225-10248 levels for and again buys above 10250. Sell it below 10149 with a stop loss of 10190 for the entire week for a target of 10004 & 9970.

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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 is 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/judgment and we shall not be liable for any losses and damage.

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