Nifty Futures analysis for 24-04-2018

nf 60-min 240418
Nifty Future 60-min Chart

Nifty future managed to cross its key resistance level of 10606 to reach to a new high of 10623.1, for this settlement but closed at 10585.45, below its key resistance at 10606. The Bearish Engulfing Pattern formed on the 60-min chart that, on a break of 10571 it can decline further for next 3 to 5 bars and may find support at 10514.

The day traders can sell it below 10571 with a stop loss of 10590 for the target of 10523,10514 and buy it above 10624 with a stop loss of 10584 for the target of 10654 and 10696.

The positional traders can sell it below 10551 with a stop loss of 10591 for the target of 10498 and 10440.

Please do not trade for 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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