September 16, 2016
NIFTY (September Fut)
SELL
` 9020
` 8870 - 8890
` 8620
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
61.80%
retracement levels on the recent fall.
Considering the above technical evidences along with the gap area formed on Monday, we are expecting correction in
near term.
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 ` 9020.
8784
8600
8935
9000
Bearish
WEEKLY CHART
Source: Falcon (Chart time - 11:00 IST)
Last 2 recommendations
Date
Stocks
Recom.
Buying/Selling
CMP Target
Stop-loss
Status
11-08-2016 Nifty Aug Fut.
BUY
8590 - 8570
-
8770
8470
Profit Booked at 8700
24-05-2016 Nifty June Fut.
BUY
7745 - 7725
-
7945
7625
Target Achieved
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