Nifty Futures analysis for 19-01-2018

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

Nifty Future continues its bull run to a fresh high of 10873.45. It opened with a gap up and makes a new high and then corrects to fill the gap to its support at 10774 to close at 10810.8. The stochastic oscillator and the RSI  on the 60-min indicate further correction which may take it to the support level of 10769 and 10749.

The day trader can buy it above 10825 with a stop loss of 10797 for the target of 10881 and 10911 and sell it below 10797 with a stop loss of 10825 for the target of 10769 and 10749.

The positional traders should continue to hold a long position with stop loss of close below 10690 for the target of 11008.

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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 is 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/judgment and we shall not be liable for any losses and damage.

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