Nifty future appears to be bullish with the supports for this week at 10551 and 10509 and the upside resistance at 10710. The IT sector underperformed and is traded at a P/E multiple of 18.35 as against the monthly average P/E multiple of 26.7 for Nifty Future is expected outperform.
The day traders can buy it above 10569 with a stop loss of 10539 for the target of 10618 and 10699.
The positional traders should maintain the long position and move the stop loss to 10500 on a closing basis for the initial target of 10710.
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