Stocks

Nifty call: Go long on a reversal from 9,175

Gurumurthy K BL Research Bureau | Updated on January 15, 2018 Published on March 31, 2017

nifty

The Nifty 50 futures contract is not able to break the psychological mark - 9,200.

The contract surged to an intraday high of 9,208 after opening at 9,185. However, it failed to sustain higher and has come-off from the day’s high.

Immediate support is at 9,175. A break below it can take the contract lower to 9,145. Further break below 9,145 will increase the likelihood of the contract extending its down move to 9,110.

On the other hand, if the index futures manage to sustain above 9,175 and bounces higher, it can revisit 9,210 levels. Short-term traders with high-risk appetite can go long on a reversal from 9,175 with a tight stop-loss at 9,160 for the target of 9,200.

The region between 9,210 and 9,215 is a key resistance to watch. A strong break above 9,215 can boost the momentum and take the contract higher to 9,250 or even higher levels.

Strategy: Go long on a reversal from 9,175

Supports: 9,175, 9,145

Resistances: 9,215, 9,250

Published on March 31, 2017
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