Nifty future closed at 11065.15 near to its support at 11043 and 10999. The upside target for this week is 11400 which is the most probable target for wave (iii) of 3 from its December 2016 low of 7896.35 ( as per Elliot wave analysis).It will then have a wave(iv) decline which may take it to 10887 (38.2% retracement of wave (3) of 3 ) to 10568 ( 61.8 % retracement). I expect this correction to set in after the presentation of Union Budget which the media and most of the other analyst may see as a reaction to Union Budget for the markets.This correction will provide a buying opportunity for the next rally near 11700 regions.
The day traders can buy it above 11066 with a stop loss of 11039 for the target of 11149 and 11218.
The positional traders can buy it above 11066 with a stop loss of 10995 on a closing basis for the target of 11400 which it may achieve before the presentation of Union Budget on 1ST FEBRUARY 2018.
Bank Nifty Future
Bank Nifty Future has a crucial support at 27351 and the critical support at 25155 and the resistance at 28163 and 28414 for this week. Buy and sell should be the strategy till it reaches its resistance level.
The Day traders can buy it above 27415 with a stop loss of 27349 for the target of 27744.
The positional traders can buy it above 27352 with a stop loss of a close below 25155 for the target of 28163 and 28414.
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