The Nifty Call: Go long with stop-loss at 8,170

Rajalakshmi S | Updated on: Oct 12, 2015
image caption

Nifty October Futures (8,198)

The Nifty futures contract is hovering around 8,200 today. The contract opened with a gap-up at 8,226 and recorded a high of 8,247. Though it had reversed lower from the day’s high, the contract is not receiving any selling pressure below 8,200.

It is currently reversing after recording a low of 8,183. This reflects the presence of fresh buying interest in the market below 8,200. The contract can rise to test the resistance at 8,250 once again. A strong break above this resistance can take it higher to 8,285 and 8,300.

Traders can go long. Stop-loss can be kept at 8,170 for the target of 8,240.

Support for the contract is at 8,180. The contract will come under pressure if it falls below this support level. Such a fall can drag it lower to 8,150 and 8,120.

Strategy: Go long with stop-loss at 8,170

Supports: 8,180, 8,150

Resistances: 8,250, 8,285

Published on January 22, 2018

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

Recommended for you