Nifty Future breaks its nine days, longest winning spree in 3 years and formed a Double Close Key Reversal Outside Bar pattern.The importance of this pattern sometimes marks the reversal in price. The Stochastic Oscillator is in overbought zone and turning down.The RSI indicator is near 60-62 level indicating that the rise is corrective and may top out soon.
The day traders can sell it below 10538 with a stop loss of 10559 for the target of 10482-10473 region and buy it above 10559 with a stop loss of 10538 for the target of 10605 and 10620.
The positional long position got squared up yesterday. The positional traders can now sell it below 10538 with a stop loss of 10597 for the initial target of 10435.
Please do not trade in first 10 minutes from the open.
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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.