Nifty Futures analysis for 31-01-2018

nifty future 60-min 300118
Nifty Future 60-min chart

Nifty future closed at 11072.1 just below its support at 11080 which will now act as the resistance.It has a cluster of supports at 11043,10999,10972 and 10933 and resistance at 11080,11154.It appears that 4th wave correction has begun and has a target of 10776.

The day traders can sell it below 11080 with a stop loss of 11101 for the target of 11043 and 10999.Buy it above 11101 with a stop loss of 11079 for the target of 11155.

The positional traders should wait for some time for the clarity to emerge for initiating a fresh position.

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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