Nifty Futures analysis for 06-11-2017

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nifty future weekly 031117
Nifty future weekly chart

Nifty future appears to be overheated and is trading at the very high P/E multiple of nearly 27. The retail investors are participating through mutual funds in a big way absorbing all the selling of the FII’s.Even though all the important parameters such as high P/E.high retail participation, record nos of IPO’S, the India VIX and the complacency of the highest level and many other indicators normally points towards the topping of the market, the chart indicates that the top is not in place yet and has some more to the upside.

The Nifty Future now has supports at 10465,10421 and a very strong support at 10388 and has an upside resistance at 10681 for this week. I will maintain a long position above 10465  with a stop loss of 10387 for the target of 10681 for this week.

The day traders can buy above 10477 with a stop loss of 10455 with a target of 10555 and sell it below 10455 with a stop loss of 10478 for a target of 10421 and 10405.

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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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