Nifty Futures analysis for 10-01-2018

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nifty future 60-min chart090118
Nifty Future 60-min chart

Nifty future continues to move higher with a narrow range movement for its potential target of 10710 and has supports at 10634 and 10613.The 10500 and 10600 strike price put option has seen the highest change in open interest with the addition of 8850 contracts and 14228 contracts respectively.The 10300,10400 and 10500 strike price put option has a significantly higher open interest compared to the call options of the same strike price suggest that option writers are not expecting Nifty Future to fall below 10500 levels.

The day traders can buy it above 10643 with a stop loss of 10629 for the target of 10699 and 10710 and sell it below 10603 with a stop loss of 10636 for the target of 10553.

The positional traders can move the stop loss of the long position to 10594 for the target of 10710.

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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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