Nifty Futures analysis for 23-04-2018

Nifty Future Daily Chart

Nifty Future moved in a narrow sideways range in past two sessions. It also broke the key level of 10538 to trigger a sell signal of the ‘ Double close key reversal pattern’ and negated it in the same session by moving above 10596.55.Normally the failed sell signals are many times the good buy signals.However with a key resistance at 10605 and the Keltner Channel resistance at 10655 and the others oscillators and indicators in the overbought zone, it still appears that the correction may set in very soon.

The key supports for it for this week are at 10578, 10562, 10514 and resistance at 10606.

The day traders can sell it below 10562 with a stop loss of 10598 for the target of 10514, 10487.

The stop loss of the positional trade sell trade created in the last session is not yet triggered. Maintain the same stop loss of 10598. One can add more below 10514 with the stop loss of 10565 on a closing basis for the target of 10354. Once it starts trading below 10514, move the stop loss to an earlier position at 10565.

Please do not trade first 15 minutes of the session.

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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.


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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