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Nifty 50 October Futures (9,971)
Taking positive cues from the US markets, the Nifty and Sensex started the session on a positive note. Both the indices began the session with a gap-up open and continued to trend upwards.
Further momentum was added by the rally in PSU banks and IT stocks. The Nifty futures contract started the session with a gap-up open at 9,930 levels. After marking an intra-day low of 9,928, the contract continued to move higher, breaching a key resistance at 9,950 levels.
However, after recording an intra-day high of 9,990, the contract is experiencing intra-day profit-taking. Key resistance is also ahead at 10,000. The market breadth of the Nifty index is biased towards advances. Near-term outlook is bullish for the contract.
Traders with a near-term perspective can make use of intra-day dips to buy the contract while maintaining a stop-loss at 9,955 levels. Strong break above 10,000 can take the contract higher to 10,025 and 10,050 levels.
On the other hand, key supports are at 9,970 and 9,950. Strong plunge below 9,950 can bring back selling pressure and pull the contract down to 9,930 and 9,910 levels in the near-term.
Strategy: Buy the contract in intra-day declines with a stop-loss at 9,955
Supports: 9,950 and 9,930
Resistances: 10,000 and 10,025
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