The market is now focussing its attention on the outcome of the Gujrat elections ending today. After this 17 days are left in 2017 which has a potential to be the most interesting period of the year.
The 60-min chart of Nifty Future has a five wave advance from the low of 10052.65 to the high of 10354.35 and is then followed by a 3-wave corrective decline from the high.It has a crucial support at 10175 and has resistances at 10264,10328 and 10375. A move above 10355 will confirm that the next leg of advance has started.
The day traders can buy Nifty future above 10264 with a stop loss of 10229 for the target of 10327 and sell it below 10229 with a stop loss of 10264 for the target of 10175.
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