Nifty Futures analysis for 29-11-2017

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nifty future daily-281117
Nifty Future Daily chart

Nifty future snaps its eight-day winning streak to close lower at 10377.55.The rise had a weak momentum on the upside and had a narrow range movement. The Stochastic oscillator in daily chart is turning down and the RSI is near 60 levels indicate the corrective nature of the rise which may end soon.Wait for the price action to confirm the trend.

The positional traders should maintain their long position with a stop loss of 10349 for this week for the target of 10500 and 10680.

The day traders can buy it above 10393 with a stop loss of 10377 for the target of 10449 and 10464 and sell it below 10377 with a stop loss of 10395 for the target of 10351 and 10324.

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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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