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,
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