Nifty 50 October Futures (11,080)
Nifty 50 futures contract is retaining its 10,900-11,185 sideways range. Within this range, the contract made a low of 10,985 and has reversed sharply higher from there. The immediate outlook is positive. There is a strong possibility of the contract moving higher within the sideways range in the coming sessions.
An upmove to 11,150 is likely. A break above 11,150 can take the contract further higher to 11,185 and 11,200 thereafter.
Traders can go long at current levels. Stop-loss can be placed at 11,045 for the target of 11,150. Revise the stop-loss higher to 11,105 as soon as the contract moves up to 11,125.
The bullish outlook will get negated only if the index futures decline below 11,000. In such a scenario, a fall to 10,960 and 10,930 is possible.
Strategy: Go long at current levels with a stop-loss at 11,045
Supports: 11,060, 11,000
Resistances: 11,120, 11,150