Today nifty futures closed positive after 6 days of continuous fall. There has been a relief that the fall has been arrested. But the sad part is that we have technically lost most critical levels and now ready to form new lows and see new bottoms. That is the naked truth.
Nifty futures has lost the support of 10290 being last month low. The next support is at 10060 which was the low formed on Dec 18th ( Gujarat Assembly election results).
Today's mild positive opening and positive close is just a relief rally. Day by day the nifty range is getting narrowed down. Last week it was 10290-650. This week it is 10100-10330.
You must understand that you cannot happen to see 10650 again in this month. By next week you cannot see 10330 also if new lows are getting formed week after week.
Use relief rally to enter in to PEs and sell at 40-60% profit.
I cannot explain the market condition better than this. Happy Trading!!
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