Nifty Future closed at 10617.9, has a perfect set-up to continue its upward rally with a multilayer support in its vicinity at 10612,10605.25,10601,10579 and 10551. This is the ideal platform for the bulls to push it higher to its resistance level of 10697 and 10717 level which is 61.8% retracement of its fall from 11185.6 to 9960. The inability to rise and take supports at its level provided will mean that these level will act as the resistance once it gets broken.The close below 10605.25 will indicate that this upside rally is complete and the correction will set in which will last for few days.
The day traders can buy it above 10617 with a stop loss of 10599 for the target of 10654 and 10697.They can sell it below 10550 with a stop loss of 10580 for the target of 10514 and 10477.
The positional trader should wait for a day for the trend to emerge for taking a new position.
Please do not trade for first 15 minutes of the session.
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