Nifty future continued to move in a narrow range of 122 points for the entire last week with little or no action or profit making opportunities. I expect the market to move out of the range this week.
The daily chart suggests that it is having a corrective sideways movement with a thrust in a downward direction. As mentioned last week positional long and short position can only be taken above 10019 & below 9887 respectively.
For intraday, we will go long above 9961 with a stop loss to 9919 for the target range of 10008-10018. Go short below 9919 with a stop loss of 9952 for the target of 9887 and 9851.
We can maintain a positional long or short if it closes above 10019 or below 9887.
Do not trade for first 10 minutes of the day and take the trade looking at the price at that time.
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For further trades or queries,
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