Nifty Futures analysis for 15-11-2017

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nifty future 60 min-141117
Nifty Future 60-min chart

The downtrend in Nifty Future continues for the sixth consecutive days and has a support at 10216.The breaking of this support will further weaken it and will carry it to the next support level of 10071.The 60-min chart shows that it also has a support of Keltner channel at 10220.The upward line of the Keltner channel is falling steeply and has a resistance at 10380 and falling indicating that the upside is now restricted for some more time. Its inability to move away from the support for a considerable time is a bearish signal.

The positional trader should maintain a strict stop loss of 10187 for their long position.

The day traders can buy it above 10254 with a stop loss of 10214 for the target of 10303 and 10353 and sell it below 10238 with a stop loss of 10254 for a target of 10216 and 10187.Below this, the next target will be 10121.

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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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