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Nifty 50 August futures (11,415) The Nifty 50 futures contract opened the week on a positive note. The contract opened with a gap-up at 11,420 and made a high of 11,447. Though it has come-off from the day's high, it is sustaining above the psychological 11,400-mark. Support for the contract is at 11,390. The outlook will be positive as long as the contract remains above this support.
Resistance is at 11,460, which is likely to be tested in the near term. A strong break above it can take the index futures higher to 11,500 and 11,520 in the coming sessions.
Short-term traders can go long and also accumulate on dips at 11,405. Stop-loss can be placed at 11,380 for the target of 11,470. Revise the stop-loss higher to 11,430 as soon as the contract moves up to 11,445. The outlook will turn negative if the contract falls below 11,390. Such a break can drag the index futures lower to 11,360.
Strategy: Go long at current levels and also on dips at 11,405, with a stop-loss at 11,380
Su pports: 11,390, 11,360
Resistances: 11,460, 11,500
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