Nifty Futures analysis for 08-11-2017

nifty 60-min 071117
Nifty future 60 min chart

Nifty future broke the trendline support as well as it filled the gap at 10388.8 which was also acting as a support but managed to close at 10409.9 just above the support of 10405.The oscillators on the 60-min chart which are in the oversold region indicate that a bounce may take it higher and will face resistance at 10448-10465 region.The break from yesterday’s low of 10381.1 will also validate the bearish engulfing candlestick pattern which will have bearish implication for next 3-5 days.This pattern will be invalidated if Nifty Future manages to cross 10505 and will indicate that the pattern has failed and will have a strong bullish implication.

The positional traders can sell it near 10448-10465 region on the bounce with a stop loss of 10505 for a target of 10346 or sell it below 10381 with a stop loss of 10469 for a target of 10255. Buying should only be considered above 10505 with a stop loss of 10445 for a target of 10681.

The day traders can sell it below 10381 with a stop loss of 10431 for a target of 10346. They can even sell near 10448 with a stop loss of 10477 for a target of 10381 and 10346 and buy above 10481 with a stop loss of 10440 for a target of 10530.

Please do not trade for first 15 minutes of the day.

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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