The Nifty Call

Yoganand D BL Research Bureau | Updated on March 12, 2018

Nifty July Futures (7,785)

The Nifty futures contract opened with a gap-up once again for the third consecutive trading session. It opened at 7,794 levels up from its previous close of 7,767. But the contract failed to breach its key resistance at 7,800, and declined. It took support at 7,767 and is currently trending higher.

Traders with a near-term perspective can initiate long position with a stop-loss at 7,767. Initial target is 7,810 and a conclusive move above this level can take the contract higher to 7,841.

However, inability to move past 7,810 will keep the contract in a sideways movement. On the downside, a fall below 7,767 may trigger selling interest, and take the contract lower to 7,740, 7,725 and 7,700 levels. In such a scenario, traders can exit their long positions and wait on the sidelines.

Strategy: Initiate long position with a stop-loss at 7,767 levels.

Supports: 7,740 and 7,725

Resistances: 7,810 and 7,841

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Published on July 23, 2014
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