Nifty future continues to rise in a corrective pattern with no signs of reversing. The high P/E ratio 25.69, the low India VIX of 11.71, the regular selling by FII`S and the contracting price range of it and many another indicator such surge in IPO`S with extreme valuations does indicate that this rally may end soon. I am not recommending any positional position in it yet and would like to look for the confirmative price action to support my view.
The day traders can buy it above 9932 with a stop loss of 9909 for a target of 9983 and sell it below 9909 with a stop loss of 9936 for a target of 9843.
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