Nifty call: Go long on dips at 8,425

Gurumurthy K BL Research Bureau | Updated on January 12, 2018 Published on January 24, 2017

Nifty 50 January futures (8,438)

The Nifty 50 futures contract opened with a gap-up at 8,421 and rose to an intraday high of 8,450. However, it is currently coming-off from the day’s high. Immediate support is at 8,422 which can be tested, but a break below it looks less probable. The next supports are at 8,405 and 8,305. A subsequent reversal from 8,422 can take the contract higher to 8,450 once again. A strong break above 8,450 can take it further higher to 8,470 or even 8,500.

Short-term traders can go long on dips at 8,425. Stop-loss can be placed at 8,410 for the target of 8,465.

The outlook for the contract will turn negative only if it declines below 8,395 decisively. But such a strong break looks unlikely in the near-term.

Strategy: Go long on dips at 8,425 with a stop-loss at 8,410

Supports: 8,422, 8,405

Resistances: 8,450, 8,470

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

Published on January 24, 2017
This article is closed for comments.
Please Email the Editor