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Nifty 50 October Futures (9,920)
The Nifty October futures contract started the session on a flat note at 9,931 levels, taking mixed cues from the Asian markets. The Nikkei 225 is moving sideways at around 20,628, while Hang Seng index has advanced 0.7 per cent to 28,379 levels.
Following a sharp rally, the Nifty futures contract recorded an intra-day high of 9,965 levels. However, the contract failed to sustain the bullish momentum and immediately slipped into the red and registered an intra-day low of 9,911 levels. The contract formed a base at around 9,911 and is trying to recover.
As long as the contract trades above the key support level of 9,900, the near-term outlook remains positive.
Traders with a near-term view can make use of intra-day dips to buy the contract with a stop-loss at 9,910. Strong rally above the immediate resistance level of 9,930 can take the contract higher to 9,950 and 9,965 levels once again. Key resistances beyond 9,965 are at 9,975 and 9,990 levels.
On the other hand, an emphatic fall below 9,900 levels will bring back selling pressure and drag the contract down to 9,875 and 9,850 levels. In that case, desist taking long positions.
Strategy : Use intra-day dips to buy with a stop-loss at 9,910
Supports : 9,900 and 9,875
Resistances : 9,930 and 9,950
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