November 18, 2016
NIFTY (December Fut)
8140 - 8110
5 - 10 Sessions
The index has seen a decent correction in last couple of month and has reached around its strong support of 7970 -
8000 spot levels on daily chart.
The index is moving in a narrow range from last three sessions and has formed a ‘Falling Wedge’ pattern on intraday
chart. The mentioned pattern can be a reversal trigger for the short term.
The ‘RSI’ oscillator has also moved below 30 levels and considering the recent history, it is indicating a possibility of a
decent bounce in the index. Given the favorable risk reward ratio, we advise buying Nifty Future at current levels.
Thus, we advise traders to buy NIFTY November Futures from current level and on dips up to
8110 for a target of
8395 in coming 5 - 10 sessions. The stop loss for this trade set up can be kept at
DAILY (SPOT) CHART
Source: Falcon (Chart time - 11:35 IST)
Last 4 recommendations
25-10-2016 BankNifty Nov Fut. SELL
19850 - 19900
Profit Booked at 19380
16-09-2016 Nifty Sept Fut.
8870 - 8890
11-08-2016 Nifty Aug Fut.
8590 - 8570
Profit Booked at 8700
24-05-2016 Nifty June Fut.
7745 - 7725
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