The downtrend in Nifty Future continues for the sixth consecutive days and has a support at 10216.The breaking of this support will further weaken it and will carry it to the next support level of 10071.The 60-min chart shows that it also has a support of Keltner channel at 10220.The upward line of the Keltner channel is falling steeply and has a resistance at 10380 and falling indicating that the upside is now restricted for some more time. Its inability to move away from the support for a considerable time is a bearish signal.
The positional trader should maintain a strict stop loss of 10187 for their long position.
The day traders can buy it above 10254 with a stop loss of 10214 for the target of 10303 and 10353 and sell it below 10238 with a stop loss of 10254 for a target of 10216 and 10187.Below this, the next target will be 10121.
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