Nifty Futures analysis for 24-01-2018

nifty future 60min-230118
Nifty Future 60-min chart

Nifty Future continues to move higher to make a new high of 11094.9 just 15 points away from my projected target of 11111.It has supports at 11038 and 10943 and resistance at 11111 and 11297.

The day traders can buy it above 11071 with a stop loss of 11038 for the target of 11191.It fails to cross 11111 quickly square up the position once it crosses 11111, buy again with a stop loss of day’s low made until that time. Sell it below 11038 with a stop loss of 11072 for the target of 10945.

The positional traders can move the stop loss for the long position to 10940 for the next target of 11111 and 11295.


Bank Nifty

The day traders can buy it above 27332 with a stop loss of 27214 for the target of 27730 and sell it below 27214 with a stop loss of 27335 for the target of 27050.

The positional trader should move the stop loss to 26910 for the target of 27735 and 28150 on the existing long position.

Please do not trade for first 15 minutes in both Nifty Future and Bank Nifty future.

For further trades or queries,
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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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