Nifty Futures analysis for 12-01-2018

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nifty future 60-min chart110118
Nifty Future 60-min chart

Nifty Future made a new high at 10682.35 just 28 points away from our projected target of 10710.I expect a pullback rally which may last for a brief period and provide new bullish opportunities in it.The RSI indicator, on the 60-min chart, is showing negative divergences and the Stochastic oscillator is giving the sell signal, expect a pullback up to the lower boundary of the Keltner channel which is now at 10562.

The positional traders should square up the long position near the target area of 10710 and wait for the correction to complete for re-entering in it.

The day traders can sell it near 10710 with a stop loss of 10731 for the target of 10654 and 10628.

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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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