Nifty Futures analysis for 21-06-2018

nf 60min 210618
Nifty Future 60-Min Chart

The Nifty Future rebounded strongly from the lower boundary of the channel of Wave (B) to fill the gap it formed a day before and closed at 10790.65, very near to its day high of 10796.9. The basic structure which I am analyzing as a flat correction is still intact.  In the 60-min Chart, the decline from the end of Wave (B) from 10873 to the low of 10704  is in three waves formation indicating that possibility of Wave (B) is still in progress and can rally to a new high of 10937.  It has the supports at 10780 and 10761.

The day trader can sell it below 10760 with a stop loss of 10786 for the target of 10704 and 10670 and buy it above 10828 with a stop loss of 10778 for the target of 10874 and 10937.

The positional traders holding short position should place the stop loss at 10830. They can again create short below 10750 or near 10937 for the target of 10335.

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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.


Published by 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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