Nifty Futures analysis for 26-04-2018

Nifty Future Daily Chart

Nifty future breaks its layer of supports to decline to 10531.8 and closed at 10569.05. It now faces resistance at 10579.7, 10605 and has supports at 10561 and 10551.While the Stochastic oscillator and the RSI indicator indicates the weakness, the most important component, the price, refuses to decline and continues to remain in a range bound sideways direction. I will wait for the price action for the clue to decide the trend and trade.

The day traders can trade Nifty Future April series, buy it above 10613 with a stop loss of 10588 for the target of 10673 and sell it below 10551 with a stop loss of 10580 for the target of 10514 and 10476.

The positional traders should avoid taking a position today since it is the expiry date for current series. Let the trend emerge to initiate a fresh position in it.

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 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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