Nifty Futures analysis for 23-02-2018

Nifty Future 60-MIN Chart

Nifty future Feb series closed with a loss of 687 points, a loss of 6.21% and is the worst expiry since October 2008.This decline from the top of 11185.6 on 29th January appears to be in 5 waves. The fifth wave decline may have been completed at 10290.1 on 19th February or is in progress with the potential target of 10170. On completion of this 5-wave structure, I expect a big corrective 3-wave move which can retrace up to 61.8 % of the decline and induce the bullish sentiment among the traders and investor.

The day traders can buy it above 10420 with a stop loss of 10379 for the target of 10477 and 10529 and sell it below 10379 with the stop loss of 10396 for the target of 10330 & 10281.

The positional traders should follow my yesterday’s recommendation.

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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