Nifty Call: Go short at 10,945 and 10,960 on rallies with a stop-loss at 10,985

Gurumurthy KBL Research Bureau | Updated on February 12, 2019

Nifty 50 February Futures (10,900)

The Nifty 50 futures contract is stuck in a narrow range between 10,880 and 10,930. The bias remains negative. However, the index futures may consolidate or bounce to test the 10,960-10,980 resistance zone before declining further.

The region between 10,880-10,875 is a key support for the contract. A break below 10,875 will increase the likelihood of the contract tumbling towards 10,820 and 10,800 in the coming sessions.

Traders can wait for a rally and go short at 10,945 and 10,960. Stop-loss can be placed at 10,985 for the target of 10,860. Revise the stop-loss lower to 10,920 as soon as the contract moves down to 10,905.

The index futures will get a breather only if it breaks above 10,980 decisively. The next target is 11,050. But such a strong upmove breaking above 10,980 looks less likely at the moment.

Strategy: Wait for a rally and go short at 10,945 and 10,960 with a stop-loss at 10,985

Supports: 10,875, 10,820

Resistances: 10,960, 10,980

Published on February 12, 2019

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

This article is closed for comments.
Please Email the Editor

You May Also Like