Bank Nifty Future Analysis for 05-02-2018

banknifty 60-min 020218
Bank Nifty Future 60-min Chart

Bank nifty future opened with a gap down at 26994.95 and closed lower at 25386.8 after forming a low of 25370. The pattern formed on daily chart appears to be an Island reversal and has a bearish implication. It has crucial support at 26231 and 26110 and resistance at 26684 and 27043.

The day traders can sell it below 26573 with a stop loss of 26712 for the target of 26235 and 26135.

The positional traders can buy it at 26115 with a stop loss of 25888 for the contra-trend rally with an expected target of 26680. This is a high-risk trade and I am attempting to trade expected support level from where the corrective rally can begin although there is no conclusive evidence of it yet.

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Vinay Agrawal will not accept any liability for loss or damage as a result of reliance on the information contained within this tool including data, quotes, charts and buy/sell recommendation. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Future and options trading on margin involves high risk and is not suitable for all investors. Before deciding to trade in Equities, Commodities, Currency, Derivatives or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.


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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