Nifty Futures analysis for 20-02-2018

nifty future 60-min chart 200218
Nifty Future 60-Min Chart

Nifty Future breaks the wave3 low of 10300 and declines to a new low of 10290.1 and reversed sharply near its resistance level at 10381. The RSI, in 60-min charts, has formed a positive divergence and the Stochastic is also turned positive indicating a possibility of upside correction to continue further.

The Day traders can sell it below 10380 with a stop loss of 10401 for the target of 10283 and buy it above 10401 with a stop loss of 10379 for the target of 10476.

The positional traders can follow the recommendation given yesterday.

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 is 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/judgment and we shall not be liable for any losses and damage.

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