The Nifty 50 futures contract is inching slowly higher over the last couple of days.
The contract extended its upmove today breaking above a key resistance at 9,150. This level will now serve as a good support and can limit the downside in the near-term.
Dips to 9,150 may find fresh buying interest in the market. Intermediate resistance is at 9,170 which is likely to be broken in the coming sessions. The ensuing targets on such a break will be 9,190 and 9,210.
Short-term traders can go long. Stop-loss can be placed at 9,140 for the target of 9,195.
The contract may come under pressure if it declines below 9,150 decisively. Such a break can drag it to 9,135 or 9,110 thereafter.
Strategy: Go long with a stop-loss at 9,140
Supports: 9,150, 9,135
Resistances: 9,170, 9,210
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