Nifty Futures analysis for 22-01-2018

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nifty future-60 min chart190118
Nifty Future 60-min Chart

Nifty Future continues to move higher to make a fresh high of 10918.15  before closing at 10901.05.It has crucial support at 10885, 10864.5 and 10791 and an upside target of 11008.A close above 11008 will open up higher targets for 11112 and 11309.

The day traders can buy it above 10885 with a stop loss of 10852 for the target of 10972 and 11008.I will avoid short trades as Risk to Reward ratio is not favorable for it at this juncture.

The positional traders should move the stop loss to10789 for the target of 11008 for the long position they are holding.

Bank Nifty Future

Bank Nifty has supports at 26827,26715 and 26688 and resistance at 27040. A close above 27040 will open up the significantly higher target of 28400 with some resistances at 27730 and 28150.

The day traders can buy it above 26827 with a stop loss of 26685 for the target of 27040 and 27315.

The positional traders can initiate long position above 26950 with the initial stop loss of 26685 and add more if it closes above 27040 for the target of 27730 and 28150.

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