Nifty future Feb series closed with a loss of 687 points, a loss of 6.21% and is the worst expiry since October 2008.This decline from the top of 11185.6 on 29th January appears to be in 5 waves. The fifth wave decline may have been completed at 10290.1 on 19th February or is in progress with the potential target of 10170. On completion of this 5-wave structure, I expect a big corrective 3-wave move which can retrace up to 61.8 % of the decline and induce the bullish sentiment among the traders and investor.
The day traders can buy it above 10420 with a stop loss of 10379 for the target of 10477 and 10529 and sell it below 10379 with the stop loss of 10396 for the target of 10330 & 10281.
The positional traders should follow my yesterday’s recommendation.
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