Comments
Nifty July Futures (8,632)
The nifty futures contract is trading on a mixed note today. The contract has come-off after recording a high at 8,652.8 and is currently stuck in a narrow range between 8,610 and 8,635. The immediate outlook is not clear. Key resistance is at 8,650 and important support is at 8,600. A break out on either side of these levels will decide the next leg of move for the contract. A break above 8,650 will see the uptrend resuming and taking the contract to the next targets of 8,675 and 8,700. On the other hand, a break below 8,600 can drag the contract lower to 8,565.
Traders can stay out of the market at the moment. High risk appetite traders can go short if the contract declines below 8,600 with a tight stop-loss at 8,615 for the target of 8,570.
Strategy : Go short on a break below 8,600 with a stop-loss at 8,615.
Supports : 8,600, 8,565
Resistances : 8,650, 8,675
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.