Nifty Futures analysis for 19-02-2018

nifty future daily chart 190218
Nifty Future Daily Chart

Nifty Future retraced 38.2% of wave3 decline and also formed a Bearish Engulfing Pattern on the daily chart indicating wave4 corrective advance may have ended and a downward wave5  may have begun and has a target of 10170 in next 3-5days which usually is the time duration for the effectiveness of the Bearish Engulfing pattern to last.

The Day Traders can sell it below 10476 with a stop loss of 10531 for the target of 10390 & 10283.

The positional traders can sell it below 10430 with a stop loss of 10531 for the target of 10171 in next 3 to 4 days.

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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