The Nifty Future may have formed a short-term bottom or is very near to it. This decline, as shown in the 60-min chart of it, appears to be in a 5-waves and is poised for a bounce back on upside which may take few days to complete. This expected 3-wave structure may take it up to 9953-10010 level before it continues its downward journey. Trading above 9810 for today will indicate a short-term bottom is in place.
The day trader can buy it above 9810 with a stop loss of 9760 for a target price of 9900 and sell it below 9710 with the few points above day’s high till that time, as a stop loss, for a target price of 9651.
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