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Nifty 50 Sep futures (9,890) The Nifty 50 futures contract has begun the week on a negative note and is down over a per cent. The contract opened with a gap-down and fell sharply, breaking below the psychological support level of 9,900 to make an intraday low of 9,863. However, it has managed to bounce higher from the day's low and is hovering around 9,900.
Support is at 9,860 and resistance is at 9,920. A breakout on either side of 9,860 or 9,920 will determine the next move. A break below 9,860 will increase the downside pressure. Such a break can drag the index futures lower to 9,830 or even 9,800. Traders can go short on a break below 9,860. Stop-loss can be placed at 9,875 for the target of 9,830. Revise the stop-loss lower to 9,850 as soon as the contract moves down to 9,840.
On the other hand, if the contract manages to breach above the resistance at 9,920, a relief rally to 9,965 is possible.
Strategy: Go short on a break below 9,860 with a stop-loss at 9,875
Supports: 9,860, 9,830
Resistances: 9,920, 9,965
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