A high P/E ratio of 26+, worsening breath, more losing stocks than gaining, a strengthening dollar, an unabated selling by FII`S almost on regular basis, more money is pumped by mutual funds (DII`S) just enough to maintain the current level of the market and the most importantly, the indicators on the chart of Nifty Future points towards a tempory top and is poised for a meaningful correction now which may last for few weeks and take it below 9710 levels before a next up move takes place.
For today buy Nifty futures above 10175 with a stop loss of 10139 for a target price of 10229. Sell it below 10115 with a stop loss of 10145 for a target price of 10061. Maintain positional short position below 10060 with a stop loss of 10124 for the target below 9710.
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