Nifty call: Traders with near-term view can go long with stop-loss at 8,940

Yoganand D BL Research Bureau | Updated on January 13, 2018 Published on March 06, 2017


Nifty 50 March Futures (8,969) The Nifty March futures contract started the session on a positive note, opening at 8,935 levels. After recording an intra-day low of 8,928, the contract continued to trade in positive territory. Subsequently, gaining bullish momentum, the contract breached the immediate resistance at 8,950 and marked an intra-day high at 8,985 levels. The Asian markets are trading mixed today; the Nikkei 225 index is down 0.46 per cent, while the Hang Seng index has gained 0.28 per cent.

The Nifty 50 index market breadth is biased towards advances. The near-term outlook could remain positive as long as the Nifty futures contract trades above the immediate support level of 8,950.

Traders with a short-term perspective could hold the long positions with a stop-loss at 8,940 levels. The contract can trend higher and test resistances at 8,985 and 9,000 levels in the near term. On the other hand, if the contract declines below the immediate support level of 8,950, profit-taking and selling pressure could emerge. In that case, the contract could decline to 8,935 and 8,910 levels.

Strategy: Traders with a near-term view can go long and hold the positions with a fixed stop-loss at 8,940 levels.

Supports: 8,950 and 8,935

Resistances: 8,985 and 9,000

Published on March 06, 2017
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