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Nifty 50 March Futures (10,403)
The Nifty 50 futures, after bouncing back from a low of 10,320 on Monday, opened with a wide gap-up today, easing downside pressure further. With this upward reversal, the broader 10,300-10,650 sideways range within which the index futures has been trading for a month, remains intact.
Key intraday support is at 10,385, which is holding well at the moment. As long as the contract remains above this support, the near-term view will be positive. A rally to 10,440 or 10,470 is possible.
Traders with a high risk appetite can go long at current levels and on dips at 10,395. Stop-loss can be placed at 10,380 for the target of 10,450. Revise the stop-loss higher to 10,420 as soon as the contract moves up to 10,430. The contract will come under pressure again only if it breaks below 10,385. Such a break will drag the index futures lower to 10,340 and 10,320 levels again.
Strategy: Go long at current levels and also on dips at 10,395 with a stop-loss at 10,380
S upports: 10,385, 10,340
Resistances: 10,440, 10,470
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