nifty
Nifty September Futures (7,648)
Following a positive open at 7,592 levels, the Nifty futures contract turned volatile and entered the negative area to mark an intra-day low at 7,558 levels.
However, witnessing buying interest, the contract started gaining momentum and breached a key resistance at 7,600 levels. It extended its rally to mark an intra-day high at 7,657 levels.
Traders with a short-term view can buy the contract on declines with stop-loss at 7,620 levels. The contract can breach its immediate resistance at 7,657 and record a fresh intra-day high. Next resistances are at 7,680 and 7,700 levels.
Conversely, a strong fall below the significant base level of 7,600 will mar the bullish momentum and pull the contract down to 7,574 and 7,558 levels.
Strategy: Make use of dips to buy the contract with stop-loss at 7,620 levels.
Supports : 7,620 and 7,600
Resistances: 7,657 and 7,680
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Published on September 8, 2015
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