Nifty Future commenced its corrective pullback rally from the low of 10300 which it made yesterday has a potential target between 10620 to 10818 level which is 38.2% and 61.8% retracement of the fall from 11139.4 to 10300 and the supports at 10494, 10456.It has a crucial resistance at 10605.
The day traders can buy it above 10495 with a stop loss of 10449 for the target of 10605, 10698, 10785 and sell it below 10449 with a stop loss of 10501 for the target of 10181.
Sell position can also be initiated if it stays below 10605 for 15 to 20 minutes after crossing this level in corrective up move with the day’s high as a stop loss for the target of 10495.
The positional traders should wait for this correction to complete to initiate a fresh position.
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