Nifty call: Sell on rallies while maintaining stop-loss at 7,115 

Yoganand D BL Research Bureau | Updated on January 20, 2018 Published on February 24, 2016


Nifty 50 February futures (7,069)

Following a positive open at 7,135, which is also the intra-day high, the Nifty futures started to decline. The contract breached a key support at 7,100 and fell sharply to mark an intra-day low at 7,028.

Taking support at the intra-day low, the contract has managed to recover some intra-day losses. The near-term outlook will remain bearish as long as the contract trades below 7,110 levels.

Traders with a short-term perspective can make use of rallies to sell the contract while maintaining a stop-loss at 7,115.

A downward reversal can retest supports at 7,050 and 7,030. An emphatic fall below 7,030 can pull the contract down to 7,000 levels. However, only a decisive rally above the key resistance level of 7,110 can bring back some signs of bullish momentum. The next resistances are at 7,135, 7,150 and 7,175 levels.

Strategy: Make use of rallies to sell the contract while maintaining a stop-loss at 7,115 levels.

Supports: 7,050 and 7,030

Resistances: 7,110 and 7,135

Published on February 24, 2016

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