Nifty Futures analysis for 16-01-2018

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nifty future 60-min chart150118
Nifty Future 60-min chart

Nifty future opened with a gap up and made a fresh high at 10774 just 7 points away from our projected target of 10781 to close at 10743.3.It is still in the strong uptrend with no sign of weakness and has strong support at 10697, 10672 and the most critical support at 10605.

The day traders can buy it above 10744 with a stop loss of 10710 for the target of 10786 and 10809.

The positional traders may continue to hold the long position with a stop loss of a close below 10604 for the target of 11008.

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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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