Nifty future hit a new high of 10530 on last Monday,6th November 2017 and then corrected for the remainder of the week to close at 10334. The Elliott wave counts on the weekly chart show that Nifty future is now at the wave(iii) of 3 indicating that this rally will last for some more weeks and will carry it much higher levels.
For this week, it has a support at 10252 and 10218 and resistance at 10359 and 10407. Positional long for this week should be taken only above 10407 with a stop loss of 10353 or near 10252 with a stop loss of 10186.The projected upside target is 10621. Positional short should only be considered below 10187.
The day traders can go long above 10361 with a stop loss of 10329 for a target of 10405 and sell it below 10329 with a stop loss of 10352 for a target of 10256.
PSU bank stocks are worth watching. The correction in most of them may end soon and has a sizable upside target.
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