Nifty Future moved in the expected lines as expressed in my analysis of 29th Jan 2018, except it fails to meet its upside target of 11400 and reversed from a new top formed at 11185.6. It has almost reached its downside projected target of 10700.
It has formed a Bearish Engulfing Candlestick pattern in weekly chart suggesting that this correction may last for 3 to 5 week. Break of the low of 10735.05 will validate this pattern.
The daily and the 60-min chart shows that it is likely to break the important support at 10697 and may find supports at 10645-10622 region which is just above its critical support at 10605. An upside bounce is expected from this region to its resistance at 10824 and 10960 for this week.
The day traders can sell it below 10784 with a stop loss of 10845 for the target of 10697 and the most likely target of 10645. BUY it near 10645-10622 region with a stop loss of close below 10600 for the target of 10697 and 10784.
The positional traders can buy it near 10645 with a stop loss of close below 10600 for the target of 10820 and 10960.
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