Comments
Nifty 50 September Futures (8,736)
The Nifty September month futures contract started the session with a gap up at 8,680.
After recording an intraday low at 8,668 and the contract continued to trend upwards. While trending up, the contract breached key resistance at 8,700.
The advance/decline ratio is tilted towards advances. The near-term bullish momentum can remain intact as long as the contract trades above the key support at 8,680 levels.
Traders with a short-term perspective can make use of dips to buy the contract while maintaining a stop-loss at 8,685 levels.
The contract can extend its rally and test resistance at 8,750 and then at 8,775 levels. Significant resistance is pegged at 8,800.
On the downside, a decisive fall below 8,680 can bring back selling pressure and drag the contract down to 8,650 and then to 8,630 levels. Next key supports are 8,600 and 8,580 levels.
Strategy : Make use of dips to buy the contract with a stop-loss at 8,695 levels.
Supports : 8,720 and 8,700
Resistances : 8,750 and 8,775
Comments
COMMENT NOW
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.