Stocks

Nifty call: Go long on dips near 8,540 with a stop-loss at 8,520

Gurumurthy K BL Research Bureau | Updated on January 17, 2018 Published on July 14, 2016

nifty

The Nifty 50 futures contract is managing to sustain above 8,500 and has surged from the day’s low of 8,509. It is currently hovering around the day’s high of 8,560.

Support is in between 8,535 and 8,530 which can limit the downside. Intermediate resistance is at 8,570. A strong break above it can take the contract higher to 8,600. Further break above 8,600 will open doors for the next target of 8,650.

Traders with a short-term perspective can make use of dips and go long near 8,540. Stop-loss can be placed at 8,520 for the target of 8,570.

The near-term outlook for the index futures will turn negative only if it declines below the psychological 8,500 level. But the possibility of seeing such a break is less at the moment.

Strategy: Go long on dips near 8,540 with a stop-loss at 8,520

Supports: 8,530, 8500

Resistances: 8,570, 8,600

Published on July 14, 2016
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