Nifty Futures analysis for 14-12-2017

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nifty future60-min chart 131217
Nifty Future 60-min Chart

The market is now focussing its attention on the outcome of the Gujrat elections ending today. After this 17 days are left in 2017 which has a potential to be the most interesting period of the year.

The 60-min chart of Nifty Future has a five wave advance from the low of 10052.65 to the high of 10354.35 and is then followed by a 3-wave corrective decline from the high.It has a crucial support at 10175 and has resistances at 10264,10328 and 10375. A move above 10355 will confirm that the next leg of advance has started.

The day traders can buy Nifty future above 10264 with a stop loss of 10229 for the target of 10327 and sell it below 10229 with a stop loss of 10264  for the target of 10175.

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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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