The Nifty 50 futures contract has been range-bound broadly between 8,650 and 8,750 for almost a week now.
The contract fell to test the lower end of this range earlier during the day and reversed higher thereafter.
It is currently hovering around the mid-point of the range. There is a strong likelihood of a rise to test the resistance at 8,750 in the coming sessions.
Short-term traders with high risk appetite can go long with a stop-loss at 8,675 for the target of 8,740.
A breakout on either side of this range will decide the next leg of move for the contract.
A strong break above 8,750 will be bullish and can trigger a fresh rally to 8,800 and 8,830. On the other hand, a break below 8,650 may drag the index futures down to 8,600 or even lower levels.
Strategy : Go long with a stop-loss at 8,675
Supports : 8,680, 8,650
Resistances : 8,730, 8,750
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.