Nifty 50 March Futures (7,470)
The Nifty 50 futures contract is trading volatile. The contract failed to sustain the break above 7,500. It has reversed sharply lower below 7,500 from the intraday high of 7,544. The next important intra-day support is at 7,435 which can be tested. A reversal from there can take the contract higher to 7,480 and 7,500 once again.
Traders can stay out of the market at the moment. Wait for dips and go long on a reversal from 7,435. Stop-loss can be kept at 7,410 for the target of 7,470.
On the other hand, a strong break below 7,435 can drag the contract lower to 7,400. Such a break will also increase the danger of the contract falling below 7,400 to 7,370 or even lower levels thereafter.
Strategy: Go long on a reversal from 7,435 with a stop-loss at 7,410
Supports : 7,435, 7400
Resistances : 7,480, 7,525
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Published on March 11, 2016
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