Nifty Future retraced 38.2% of wave3 decline and also formed a Bearish Engulfing Pattern on the daily chart indicating wave4 corrective advance may have ended and a downward wave5 may have begun and has a target of 10170 in next 3-5days which usually is the time duration for the effectiveness of the Bearish Engulfing pattern to last.
The Day Traders can sell it below 10476 with a stop loss of 10531 for the target of 10390 & 10283.
The positional traders can sell it below 10430 with a stop loss of 10531 for the target of 10171 in next 3 to 4 days.
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