Markets

The Nifty Call: Go short with stop loss at 8,780

Yoganand D BL Research Bureau ? | Updated on January 24, 2018 Published on March 18, 2015

Nifty March Futures (8,754)

Following a positive open at 8,775, the Nifty futures contract turned volatile and gave away its intra-day gains. However, the contract bounced up after recording an intra-day low at 8,695 levels. It continues to be choppy hence traders with a short-term perspective should tread with caution. A downward reversal from the key resistance level of 8,775 will be a cue for initiating short position with a stop-loss at 8,780 levels. The contract can re-test supports at 8,725 and 8,700 levels. A decisive fall below 8,700 can pull the contract down to 8,675 and 8,650 levels. Nevertheless, an emphatic rally above 8,775 will alter the bearish outlook and take the contract higher to 8,800 and 8,824 levels.

Strategy:  Fresh short position can be initiated if the contract reverses down from 8,775 levels with a stop-loss at 8,780 levels.

Supports: 8725 and 8700

Resistances: 8775 and 8800

 

Published on March 18, 2015
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