The Nifty Future’s inability to decline quickly and the 3-wave down move in a channel in an hourly chart indicates that the ‘B’ wave advance of the flat is not complete with one leg of advance still remaining which can carry it to 10913. Trade below 10735 will eliminate this possibility and would signal that wave C decline has started.
The day traders can buy it above 10838 with a stop loss of 10789 for the target of 10913 and sell it below 10781 with a stop loss of 10816 for the target of 10735.5 and 10700.
The positional traders holding a short position for a target of 10335 can move the stop loss from 10875 to 10839. We will re-enter again if stop loss is hit, below 10790 or near 10913.
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