Nifty future broke the trendline support as well as it filled the gap at 10388.8 which was also acting as a support but managed to close at 10409.9 just above the support of 10405.The oscillators on the 60-min chart which are in the oversold region indicate that a bounce may take it higher and will face resistance at 10448-10465 region.The break from yesterday’s low of 10381.1 will also validate the bearish engulfing candlestick pattern which will have bearish implication for next 3-5 days.This pattern will be invalidated if Nifty Future manages to cross 10505 and will indicate that the pattern has failed and will have a strong bullish implication.
The positional traders can sell it near 10448-10465 region on the bounce with a stop loss of 10505 for a target of 10346 or sell it below 10381 with a stop loss of 10469 for a target of 10255. Buying should only be considered above 10505 with a stop loss of 10445 for a target of 10681.
The day traders can sell it below 10381 with a stop loss of 10431 for a target of 10346. They can even sell near 10448 with a stop loss of 10477 for a target of 10381 and 10346 and buy above 10481 with a stop loss of 10440 for a target of 10530.
Please do not trade for first 15 minutes of the day.
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