Nifty Futures analysis for 01-12-2017

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nifty future 60 min-301117
Nifty Future 60-min chart

Nifty future opened with a gap down and accelerated downside to close at 10231.65 with a loss of 129.05 points. It took the support near the critical support of 10213 which I mentioned yesterday.With the oscillator in the oversold region in the 60-min chart, expect a corrective bounce back rally which may face resistance at 10328 and 10340 regions.

The Day traders can sell it below 10280 with a stop loss of 10317 for the target of 10213.5.There is no buy recommendation for today as upside target of this is restricted to 10340.

The positional traders can maintain short position below 10260 with a stop loss of close above 10330 for the target of 10008.

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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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