Markets

Nifty call: Make use of rallies to initiate fresh short position

Yoganand D BL Research Bureau | Updated on January 23, 2018 Published on April 28, 2015

Nifty April Futures (8,216)

The Nifty futures started the session on a negative note at 8,210 levels and immediately recorded an intra-day low at 8,193 levels.

Witnessing buying interest, the contract subsequently made a smart recovery to mark an intra-day high at 8,275. However, the contract failed to sustain its gains and gave way. The short-term trend is down for the contract.

Traders with a short-term view can make use of the rallies to initiate fresh short position, while maintaining a stop-loss at 8,250 levels.

A decisive fall below the immediate key support level of 8,200 can pull the contract down to 8,180 and then to 8,158 levels. Further fall can find supports at 8,140 and then at 8,120 levels.

On the other hand, a strong rally above the immediate resistance at 8,250 can take the contract up to 8,275 or 8,300 levels. This rally could just be a corrective rally. An emphatic breakthrough of the significant resistance level of 8,300 is needed to strengthen the bullish momentum and take the contract higher to 8,330 and 8,350 levels.

Strategy: Make use of rallies to initiate fresh short position with a stop-loss at 8,250 levels.

Resistances: 8,250 and 8,275

Supports: 8,200 and 8,180

Published on April 28, 2015
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