Nifty Futures analysis for 08-01-2018

nifty future dAILY060118
Nifty Future Daily chart

                Nifty future appears to be bullish with the supports for this week at 10551 and 10509 and the upside resistance at 10710. The IT sector underperformed and is traded at a P/E multiple of 18.35 as against the monthly average P/E multiple of 26.7 for Nifty Future is expected outperform.

The day traders can buy it above 10569 with a stop loss of 10539 for the target of 10618 and 10699.

The positional traders should maintain the long position and move the stop loss to 10500 on a closing basis for the initial target of 10710.

For further trades or queries,
write back @ vinayagrawal1411@gmail.com

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.

 

Author: Vinay Agrawal

VINAY AGRAWAL is SEBI registered Research Analyst. (Reg no INH000004501) with an excellent grip on technicals analysis, fundamentals and equity derivatives. Vinay Agrawal is a Technical Analyst. He has a vast experience of 26 years in the financial markets. He is the director of Blue chips corporate services Pvt Ltd, which is engaged in stock broking. Disclaimer: Investment are subject to market risk. No representations shall be entered that the predictions made by us herein will be profitable or otherwise. Readers using this information are solely responsible for their actions. The information is based on our personal assessment/judgement and we shall not be liable for any losses and damage.

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