Nifty Call: Buy on dips with stop loss at 10,980

BL Research Bureau Akhil Nallamuthu | Updated on September 09, 2019 Published on September 09, 2019

Nifty 50 September Futures (11,041)

The Nifty opened marginally lower on Monday, but it recovered quickly and moved past its previous session’s close. The index has gained 0.6 per cent in today’s session and is trading above the psychological level of 11,000. The trend is bullish. The Sensex also is trading higher with 0.6 per cent gain against previous day’s close. Indices across Asia are in the green providing positive cues.

With 37 out of the 50 stocks in the Nifty 50 index trading in the green, market breadth indicates that a bullish sentiment prevails. Even the volatility index India-VIX is down by 2.3 per cent to 15.90 levels. As far as sectoral indices are concerned, except Nifty IT index, all other indices are in the positive territory. Nifty FMCG index and Nifty Private bank index are top performers gaining 1 per cent in today’ session.

September month contract of Nifty futures began the session marginally lower at 10,949 against Friday’s close of 10,973. However, after marking the intraday low at 10,915 the contract bounced up sharply and went past the resistance of 11,000 and made a high of 11,048. Since it is trading above 11,000 traders can initiate buy on dips with stop loss at 10,980.

Strategy: Buy on dips with stop loss at 10,980.

Supports: 10,980 and 10,940

Resistances: 11,100 and 11,160

Published on September 09, 2019

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