Nifty future after making a high of 10351 in opening minutes of the trade started retracing and didn’t cross the high for the entire day signaling a tempory top may be in place. The main contributor to this move was the PSU banks and ICICI bank. SBI and ICICI Bank contributed almost 133 points and the private sector banks, namely the HDFC Bank, Kotak Bank and HDFC together had a negative contribution of 76 points approx.
Now it appears that Nifty Future is poised for a correction of the rise from 10107 to 10351.
The day traders can buy it above 10320 with a stop loss of 10289 for a target of 10375 and sell it below 10284 with a stop loss of 10319 for a target of 10221.
Today is the last day of the current settlement I am not recommending any positional trade.
For further trades or queries,
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