Nifty Futures analysis for 07-02-2018

NIFTY FUTURE-60 MIN CHART060218
Nifty Future-60 min chart

Nifty Future commenced its corrective pullback rally from the low of 10300 which it made yesterday has a potential target between 10620  to 10818 level which is 38.2% and 61.8% retracement of the fall from 11139.4 to 10300  and the supports at 10494, 10456.It has a crucial resistance at 10605.

The day traders can buy it above 10495 with a stop loss of 10449 for the target of 10605, 10698, 10785 and sell it below 10449 with a stop loss of 10501 for the target of 10181.

Sell position can also be initiated if it stays below 10605 for 15 to 20 minutes after crossing this level in corrective up move with the day’s high as a stop loss for the target of 10495.

The positional traders should wait for this correction to complete to initiate a fresh position.

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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