The Nifty Future advance of 118.9 points yesterday was not on my expected direction. The Bearish Engulfing pattern which it has formed yesterday failed. This indicates that some more steam is left for it to the upside. Even though the most of my market indicators which I use does indicate the loss of momentum on the upside, I will wait for the price action of it to give some evidence before I commit to some position in it.
The day traders can buy it above 10093 with a stop loss of 10049 for the target of 10178 and sell it below 10049 with a stop loss of 10095 for a target of 9983.
If Nifty future manages to cross the previous high of 10189.9 than this rally further with the target of 10377.
The Reliance Industries Limited and HDFC Bank contributed 43.17 points out of 111.6 points which Nifty50 gained yesterday.
Buy Reliance Ind above 873 with a stop loss of 859 for the target price of 908.
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