Nifty Futures analysis for 16-11-2017

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nifty future 60 min-151117
Nifty future 60-min chart

Nifty future continued its downtrend with a gap down open and moved lower to close at 10154.35.It has support at 10107 & 10070. The break of this support may accelerate the fall further and will carry it to 10013 and 9853 levels.

The day traders can sell it below 10155 with a stop loss of 10171 for a target of 10107 and 10070 and buy it above 10171 with a stop of 10055 for a target of 10225 and 10239.

The positional trader should wait for a pullback up to 10225 for going short on it and can go long only above 10255 with a stop loss of 10217 for a target of 10344 and 10404.

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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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