Nifty Futures analysis for 11-12-2017

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nifty future daily chart-081217
Nifty Future daily chart

Nifty future faces resistance at 10328 and at 10365-10375 region.Crossing 10375 will have bullish implication and has an upside target of 10713.The Stochastic Oscillator and RSI on daily chart indicates further upside in it. The 60-min chart shows that the rally may fizzle out soon and may find support near 10250-10255 region.The Stochastic Oscillator is in overbought zone and RSI near 65, showing the sign of correction due to it. A break of support of 10250 will take it to the next support level of 10175 for this week.

The positional traders can go long above 10375 with a stop loss of 10250 for the target of 10713.

The day traders can buy it around 10279 with a stop loss of 10249 for the target of 10365 and sell it below 10250 with a stop loss of 10281 for the target of 10176.

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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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