Nifty Futures analysis for 12-02-2018

nifty future 60-min chart 090218
Nifty Future 60-min Chart

Nifty Future appears to be in the 4th wave corrective move and when complete will push it to the new low with a target of 10175. It has the resistance at 10483 and 10511 and support at 10435. A bounce above 10511 may take it to 10720 which is approximately 50% retracement level of wave3 decline and also the upper resistance level of Keltner Channel in 60-min chart.

The day traders can buy it above 10459 with a stop loss of 10434 for the target of 10511 and 10565 and sell it below 10434 with a stop loss of 10459 for the target of 10365 and 10330.

The huge gap down open on Friday didn’t provide an opportunity to the positional traders to create a short position as the Risk to reward ratio was unfavorable. They should continue to wait for this correction to complete before initiating a short position. However, the aggressive trader can sell it below 10434 with a stop loss of 10516 for the target of 10175.

Please do not trade for first 15 minutes of the morning session.

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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