Nifty future continues to rise with a low volume and with the slope rising to nearly 45 degrees imply that the rally from the low of 9695 may be corrective. The reading on the oscillators namely RSI and Stochastic suggest that this rally may end soon and it may begin the next leg of decline. I will not open any positional short position in it yet and wait for the price action to show the commitment before I commit to the market.
The day traders can buy it above 10034 with a stop loss of 10012 for a target of 10082 and sell it below 10012 with a stop loss of 10034 for a target price of 9979 & 9929.
Positional short position can be taken below 9978 with a stop loss of 10047 for the target of 9550-9525 zone.
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