Nifty Futures analysis for 09-02-2018

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nifty future daily chart 080218
Nifty Future Daily Chart

Nifty Future rallied to a day’s high of 10640 and closed 10572.25, below its critical support at 10605. The rally from its low of 10300 to 10640 is a 3-wave corrective move and retraces 38.2% of the wave3 that begun from 11139.4. The Wave2 retraced approximately 61.8% of Wave1 and the ongoing Wave4 has retraced 38.2% of Wave3 and met its alteration guidelines required as per Elliott wave principle.

I expect the wave5 action to start very soon and has the target of 10171.

The day trader can sell it below 10554 with a stop loss of 10577 for the target of 10456 and 10365 and buy it above 10577 with a stop loss of 10549 for the target of 10640 and 10695.

The positional trader can sell it below 10535 with a stop loss of 10641 for the target of 10172.

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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.

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