Markets

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

Yoganand D BL Research Bureau | Updated on January 20, 2018

nse

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

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor