Nifty Future gapped up to retrace approximately 61.8% of the fall from 10530 to 10125.4 to make a top of 10373.25 within the first hour of trade. Then it slowly drifted lower for the rest of the day to close at 10308.85.It now has a weekly support at 10289 and 10249 levels.
The 60-min chart of it indicates that this correction may try to fill the gap and find support near 10238.5 and has a resistance at 10333.
The day traders can buy it above 10336 with a stop loss of 10312 for a target of 10403 and sell it below 10309 with a stop loss of 10336 for a target of 10252.
The positional trader can sell it below 10247 with a stop loss of 10293 for a target 10030 and buy it above 10377 with a stop loss of 10284 for a target of 10530 and 10684.
For further trades or queries,
write back @ email@example.com
The author(s), or a member of their household, of this report, does not hold a financial interest in the securities of this company. The author(s) has followed “blackout periods” that prohibit analysts from trading securities of the companies they follow for 30 days before and 5 days after they issue a research report about the company, and prohibits analysts from trading against their most recent recommendations—subject to exceptions for unanticipated significant changes in the personal financial circumstances of the beneficial owner of a research analyst account. The author(s), or a member of their household, does not serve as an officer, director or advisory board member of the subject company. The author(s) does not act as a market maker/promoter/beneficiary in the subject company’s securities. The information set forth herein has been obtained or derived from sources generally available to the public and believed by the author(s) to be reliable, but the author(s) does not make any representation or warranty, express or implied, as to its accuracy or completeness.