Nifty call: Go long on dips at 9,920

Gurumurthy K BL Research Bureau | Updated on January 09, 2018


Nifty 50 Aug futures (9,830) The Nifty 50 futures contract has risen, breaking above the psychological resistance level of 9,900. The near-term view is positive. Immediate support is at 9,920 and then the key intraday support is in the 9,900-9,890 region.

Intraday dips to these supports may find fresh buying interest in the market. Resistance is at 9,950, which is likely to be tested. A break above it can take the contract higher to 9,980 or 9,990.

Short-term traders can wait for dips and go long at 9,920. Stop-loss can be placed at 9,905 for the target of 9,950. Revise the stop-loss higher to 9,925 as soon as the contract moves up to 9,935.

The outlook will turn negative only if the contract breaks below 9,890. Such a break can drag the index futures lower to 9,860 or 9,850.

Strategy: Go long on dips at 9,920

Supports: 9,920, 9,890

Resistances: 9,950, 9,980

Published on August 28, 2017

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