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Index Derivative Pick – Sell Nifty Feb Future (CMP : 21355) by HDFC Securities



Nifty: Violation of Crucial Support

Validation of Engulfing bear

Index Derivative Pick

Nifty Index has provided a fresh breakdown on both daily and weekly.
 Faster downward retracement has been witnessed.
 Clear negative momentum is visible on charts.
 Nifty would continue to slide down further in coming days.
 Oscillators and indicators are placed with negative signal.
 In addition addition index has closed below 21 day EMA
 Considering the evidences discussed above we recommend selling Nifty Feb future at 21355 and average itat higher level around 21635, for the downside target of 20507 and 20225, keeping stoploss at 21920. Timeframe for the recommendation is till Feb series.

Click here to download HSL Research Index Derivative Pick – Sell Nifty Feb Fut 21 Jan 2024

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