The Nifty Future failed to retain its intraday gains it made Friday, giving up most of it in the final hour of trading. The fourth wave as shown in the 60-min chart is either complete or make a new high up to 9916 before commencing a fifth wave decline up to the level of 9624 to 9611.
For day traders, Buy it above 9837 with a stop loss of 9805 for a target price of 9910-9915 region.Sell it below 9788 with a stop loss of 9835 for a target price of 9701. The positional traders can short it below 9788 with the stop loss of 9836 for a target price of 9638, 9624 levels. I do not recommend any long for positional traders.
The Bank Nifty
The Bank Nifty is now in ‘C’ wave of the correction of the rally from the low of 17617 made on December 26 – 2016, to the high of 25260 made on August 2 – 2017 with an expected target of 23419 and 22664. For day traders, buy it above 24152 with a stop loss of 24033 for a target of 24316 and sell it below 24015 with a stop loss of 24152 for a target of 23770.
The positional traders may sell it below 24010 with a stop loss of 24270 for a target price of 23421. The upside resistance to it is at 24356 & 24532. The risk-reward ratio does not permit a positional long at this stage.
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