August 11, 2015
NIFTY (August Fut)
8590 - 8570
5 - 10 sessions
Since last few months, the Nifty index has been forming ‘Higher Top Higher Bottom’ and is thus in an uptrend.
Within this upmove, price action of last one month has led to formation of a ‘Megaphone’ pattern on daily charts and
the index is currently trading near the support end of the pattern. The ‘SuperTrend’ indicator is in ‘Buy’ mode and the
‘Parabolic SAR’ is indicating support around current levels.
Considering the above mentioned pattern and positive placement of the trend following indicators, we are expecting
resumption of the uptrend in near term.
Considering above technical evidences, we advise traders to buy Nifty August Futures from current level and on
dips up to 8570 for a target of 8770 in coming 5 - 10 sessions. The stop loss for this trade set up can be kept at
Source: Falcon (Chart time - 09.30 IST)
Recom. Buying/Selling CMP Target 1 Target 2 Stop-loss Status
24-05-2016 Nifty June Fut.
7745 - 7725
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