Markets

Nifty call: Go long on break above 8,000 with stop-loss at 7,975

Gurumurthy K BL Research Bureau | Updated on January 22, 2018 Published on October 01, 2015

nse

Nifty October Futures (7,988)

The Nifty futures contract is volatile today. The contract failed to sustain higher after opening with a gap-up at 8,034. It fell from the high of 8,037 to record an intraday low of 7,960.

It is reversing higher from this low, but faces resistance around 8,000. A strong break above this psychological resistance is required for the contract to gain bullish momentum. Such a break can take it higher to 8,030 and 8,050 during the day.

Traders can go long on a break above 8,000. Stop-loss can be kept at 7,975 for the target of 8,045.

Key support for the contract is in the 7,960-7,950 zone. A strong break below 7,950 will increase the downside pressure and drag it lower to 7,920 and 7,900.

Strategy: Go long on a break above 8,000, with a stop-loss at 7,975

Supports: 7,960, 7,920

Resistances: 8,000, 8,030

Published on October 01, 2015
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