Nifty Futures analysis for 18-01-2018

nifty future 60-min chart170118
Nifty Future 60-min chart

Nifty future corrected to the support level of 10672, breaching this level for few minutes to make a low of 10665.35 within first 20 minutes of trade and reversed sharply over the support level of 10697.It also managed to cross the important resistance level at 10749 and the previous top of 10774 to make a fresh high of 10805.25 just a few points away from my projected target of 10808.

The Bullish Engulfing candlestick pattern formed on the daily chart shows that this rally may continue for next 3 to 5 days for the target of 11008.

The day traders can buy it above 10774 with a stop loss of 10733 for the target of 10847 and  10881.

The positional traders should continue to hold the long position and shift the stop loss to 10645 for the target of 11008.

For further trades or queries,
write back @ vinayagrawal1411@gmail.com

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.

Author: Vinay Agrawal

VINAY AGRAWAL is SEBI registered Research Analyst. (Reg no INH000004501) with an excellent grip on technicals analysis, fundamentals and equity derivatives. Vinay Agrawal is a Technical Analyst. He has a vast experience of 26 years in the financial markets. He is the director of Blue chips corporate services Pvt Ltd, which is engaged in stock broking. Disclaimer: Investment are subject to market risk. No representations shall be entered that the predictions made by us herein will be profitable or otherwise. Readers using this information are solely responsible for their actions. The information is based on our personal assessment/judgement and we shall not be liable for any losses and damage.

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