Contact Nifty Futures analysis for 07-05-2018

Nifty Future Daily Chart

Nifty Future declined and took support at 10640 on Friday. It retraced just above 61.8%  of its decline from 11185.6 to 9960 and reversed to close at 10658.7, below its important support of 10697. It has the supports at 10640,10605 and 10589 and resistance at 10697,10714 and 10731. With the cluster of supports and resistance very near to its close on Friday, it does not provide a good trading opportunity until broken on either side. The Stochastic Oscillator and the RSI on the daily chart indicate the possibility of a further decline.

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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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