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Nifty 50 July Futures (9,922)
The Nifty 50 futures contract has begun the week on a strong note. The contract has risen breaking above the psychological 9,900 mark. The outlook is bullish. A rise to 9,950 is likely.
Inability to break above 9,950 may trigger a pull-back move to 9,900. But a strong break above 9,950 will increase the likelihood of the contract extending its rally to 10,000 thereafter.
Short-term traders can make use of dips to go long near 9,905. Stop-loss can be placed at 9,885 for the target of 9,950. Revise the stop-loss higher to 9,920 as soon as the contract moves up to 9,930.
Strong support is in the 9,890-9,885 region. Intraday dips to this support region may attract fresh buying interest. The contract will come under pressure only if it declines below 9,885. The target on a break below 9,885 is 9,850. But breaking below 9,885 is less probable.
Strategy : Buy on dips at 9,905 with a stop-loss at 9,885
Supports : 9,900, 9,885
Resistances: 9,950, 10,000
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