Comments
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
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.