Nifty Futures analysis for 06-02-2018

NIFTY FUTURE-60 MIN CHART050218
Nifty Future 60-min Chart

Nifty Future opened with a big gap in the downside and took the support at its critical support level at 10605. It bounced back to make an intraday high of 10722 to close at 10684.6.IT now has resistance at 10735, 10785 and 10842 and support at 10664 and 10605.

The day trader can buy it above 10700 with a stop loss of 10660 for the target of 10752 and 10784 and sell it below 10660 with a stop loss of 10698 for the target of 10605, 10514 and 10457.

The positional traders should exit from the long position if it breaks the critical support of 10605 and takes the role of day trader for the day.

For further trades or queries,
write back @ vinayagrawal1411@gmail.com.

Disclaimer:
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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