Markets

The Nifty call: Go long with a stop-loss at 8,315

Gurumurthy K BL Research Bureau | Updated on December 29, 2014 Published on December 29, 2014

Nifty January Futures (8,340)

The Nifty futures contract began the week on a positive note. It opened with a marginal gap up at 8,285 and recorded a high of 8,356.85. Subsequently the contract shed some of its gains, and is currently stuck in a narrow range of 8,325 and 8,350. Strong intraday support is at 8,325. As long as the contract trades above this level, it can break and rise above 8,350 towards the next resistance at 8,370 during the day. A further move above 8,370 can take the contract higher to 8,400.

Traders can go long with a stop-loss at 8,315 for the target of 8,385.

The bullish outlook will get negated if the contract declines below 8,325. In such a scenario, it can target 8,300 and 8,270 thereafter.

Strategy: Go long with a stop-loss at 8,315

Supports: 8,325, 8,300

Resistances: 8,370, 8,400​

Published on December 29, 2014
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