Nifty call: Go long on a break above 10,080 with a stop-loss at 10,065

Nifty 50 Aug Futures (10,067)

While the Nifty 50 futures contract opened the week on a positive note, it seems to lack momentum. The contract made a high of 10,078 immediately after the day's open and has come-off slightly from there and is stuck in a narrow range between 10,055 and 10,078.

A key intraday resistance is at 10,080. Further rise is possible only if the contract breaks above this resistance. Such a break can take the index futures higher to 10,120 or even higher.

Short-term traders can go long only if the contract breaks above 10,080. Keep the stop-loss at 10,065 for the target of 10,110. Revise the stop-loss higher to 10,090 as soon as the contract moves up to 10,100.

On the other hand, the intraday view would turn negative in the index futures declines below 10,055. The ensuing targets on such a fall are 10,040 and 10,025.

Strategy : Go long on a break above 10,080 with a stop-loss at 10,065

Supports: 10,055, 10,040

Resistances: 10,080, 10,120

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