Nifty Futures analysis for 07-08-2019

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NF0708 60-MIN
Nifty Future 60-Min CHART

Nifty Future, 3rd wave of wave3 decline gas achieved its minimum objective of 1.618 times of wave (iii)(i) appears to be incomplete with one more leg of decline remaining. This leg can take it to the target price of 10764 and 10714. If wave 3(3) decline is complete, expect a corrective 4th wave corrective upside retracement up to 11145 to 11175 region which may take few days to complete.

The positional traders should wait for this wave4 corrective rally to end for taking a position.

The Day traders can sell it below 10922 with a stop loss of 10968 for the target of 10835 and 10764 and can go long above 10971 with a stop loss of 10937 for the target of 11054 and 11087.

The day traders are adviced not to trade in the first 5 minutes from the open to avoid the freak trades due to initial volatility.

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Disclaimer:
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.

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