September 16, 2016
NIFTY (September Fut)
8870 - 8890
5 - 10 Sessions
The Nifty is trading within the territory of a ‘Megaphone’ pattern from last two months and had corrected last week from
its higher end.
Weekly chart of the Nifty depicts a formation of a ‘Shooting Star’ pattern, which is a short term trend reversal (bearish)
candlestick pattern (see exhibit). With help of today’s rally, the Nifty has reached near its resistance of
retracement levels on the recent fall.
Considering the above technical evidences along with the gap area formed on Monday, we are expecting correction in
Thus, we advise traders to sell Nifty September Futures from current level and on rise up to 8890 for a target of 8620 in
coming 5 - 10 sessions. The stop loss for this trade set up can be kept at
Source: Falcon (Chart time - 11:00 IST)
Last 2 recommendations
11-08-2016 Nifty Aug Fut.
8590 - 8570
Profit Booked at 8700
24-05-2016 Nifty June Fut.
7745 - 7725
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