Portfolio

Nifty call: Go short on rallies with fixed stop-loss at 9,975

Yoganand D BL Research Bureau | Updated on January 11, 2018 Published on July 25, 2017

nifty_3123095g

Nifty 50 July futures (9,953) The Nifty futures contract started the session with a gap up, opening at 9,985. Thereafter, it marked an intra-day high of 9,994.8 and began to decline, experiencing selling pressure. The Asian markets are trading in negative territory, indicating a bearish trend. The Nifty futures contract breached its immediate support at 9,975 and found a base at 9,950. Currently, the contract is testing this support level with a negative bias.

The underlying Nifty 50 index is also witnessing selling pressure at higher levels. The market breadth is biased towards declines. Traders with a near-term perspective can sell the contract on rallies while retaining a fixed stop-loss at 9,975 levels. An emphatic plunge below the current support level of 9,950 can pull the contract down to 9,930 and 9,910 or 9,900 levels. A strong fall below 9,900 can find support at 9,880 and 9,860 levels. Key resistances at 9,975 and 9,995 can limit the upside for the contract.

Strategy: Consider going short on rallies, while retaining a fixed stop-loss at 9,975 levels.

Supports: 9,950 and 9,930

Resistances: 9,975 and 9,995



Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on July 25, 2017
null
This article is closed for comments.
Please Email the Editor