‘Indian equity benchmarks closed higher for the ninth straight trading session, registering their longest winning streak in over three years.’ Reports Bloomberg Quint.
Nifty Future also closed higher for ninth straight trading sessions gaining almost 404 points on closing basis. It also retraced almost 50% of the fall from the peak of 11185.6 on 29th Jan2018 to the low of 9960 on 23rd March 2018.The Stochastics Oscillator and the RSI on the daily chart inspire little confidence in continuation of this rally and are indicating that it is poised for the correction.
The Day traders can buy it above 10551 with a stop loss of 10534 for the target of 10605 and 10620 and sell it below 10534 with a stop loss of 10551 for the target of 10482-10472 region.
The positional traders holding a long position should exit it around 10605-10620 region and place the stop loss at 10528.
Do not create any long position if it opens close to its target price of 10605 or reaches near it in first few minutes of the trade.
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