Nifty call: Go long on dips near 8,470

Gurumurthy K BL Research Bureau | Updated on January 17, 2018 Published on July 11, 2016


Nifty 50 July Futures (8,478)

The Nifty 50 futures contract opened the week on a strong note with a huge gap-up at 8,432 after closing at 8,336 on Friday. The contract is now facing resistance near 8,480. It made an intraday high of 8,484 and is now consolidating around this high in a narrow range.

Immediate support is at 8,465, which is likely to limit the downside. If the contract declines below 8,465, it can fall to 8,450 and 8,435 during the day.

A strong break above 8,480 can take the index futures to 8,500 initially. A break above 8,500 will see it rising to 8,550 thereafter.

Short-term traders with high risk appetite can go long on dips near 8,470 with a tight stop-loss at 8,455, for the target of 8,500.

Strategy:  Go long near 8,470 

Supports: 8,465, 8435

Resistances: 8,480, 8,500

Published on July 11, 2016
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