Markets

The Nifty Call

Yoganand D BL Research Bureau | Updated on November 24, 2017 Published on May 29, 2014

Nifty May Futures (7,300)

After opening on a flat note, the Sensex and the Nifty experienced selling pressure and declined even as the expiry of May derivative contracts dominated trading. The Nifty futures is currently down 31 points hovering above the support at 7,285. Some buying interest is evident. Traders can consider going long in this contract with a stop-loss at 7,295. If Nifty futures sustains above 7,300, it can climb higher to 7,320 and then to 7,340. However, expect volatility to continue and sharp swings are possible towards the end of the session.

On the other hand, a fall below 7,295 level will negate the positive view. In this scenario, a break of its next support at 7,285 is possible and it can reach 7,250.

Strategy: Consider long position with a stop-loss at 7,295 levels.

Supports: 7,285, 7,250

Resistances: 7,320, 7,340 and 7,385.

Published on May 29, 2014
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