Comments
Nifty 50 September Futures (9,857) The Nifty started the session on a negative note with a gap-down open at 9,861 levels. After marking an intra-day high of 9,889, the Nifty futures contract slipped back into the red.
However, the contract recorded an intra-day low of 9,825 and found support at this level. The contract subsequently started to recover on the back of short-covering and buying interest. It has moved above the immediate resistance level of 9,850 levels. The underlying Nifty index is also in a recovery mode from its intra-day low.
Traders with a short-term view can buy the contract on declines as long as it trades above 9,850 levels with a stop-loss at 9,840. The contract can extend its rally and test resistance at 9,880 and 9,900 levels. A strong rally beyond 9,900 can take it higher to 9,925 and 9,950 levels. Key supports below 9,850 are at 9,825 and 9,800 levels.
Strategy: Buy the contract on dips with a fixed stop-loss at 9,840 levels.
Supports: 9,850 and 9,825
Resistances: 9,880 and 9,900
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.