Nifty call: Go long on a break above 10,303 with stop-loss at 10,285

Nifty 50 April Futures (10,280)

The Nifty 50 futures contract is not gaining momentum to rise past the psychological 10,300 mark. Technically, the 200-hour moving average at 10,303 is restricting the rally in the contract.

Inability to break above 10,303 and a subsequent fall below the support at 10,270 can add pressure on the contract. A break below 10,270 can drag the index futures lower to 10,240 or even 10,215 in the coming sessions.

On the other hand, the index futures will gain fresh momentum if it breaks above 10,303 decisively. Such a break will increase the likelihood of the contract rallying to 10,330 and ₹10,360 thereafter. The bias on the chart is bullish and the possibility is high for the contract breaking above 10,303 in the coming sessions.

Traders can go long on a break above 10,303. Stop-loss can be placed at 10,285 for the target of 10,345. Revise the stop-loss higher to 10,315 as soon as the contract moves up to 10,325.

Strategy :  Go long on a break above 10,303 with a stop-loss at 10,285

Supports: 10,270, 10,240

Resistances : 10,303, 10,330

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