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Nifty 50 May Futures (10,650)
The Nifty 50 futures contract remained volatile today. The contract opened with a wide gap-up at 10,661 and fell sharply to make an intraday low of 10,617.
However, the contract has managed to recover from this low and is currently trading at 10,650. A key resistance is in the 10,660-10,670 zone. A strong break above this hurdle can boost the momentum. Such a break can take the index futures higher to 10,715 and 10,750 in the coming sessions.
Short-term traders can go long on a break above 10,670. Stop-loss can be placed at 10,645 for the target of 10,710. Revise the stop-loss higher to 10,685 as soon as the contract moves up to 10,695.
A key intraday support is at 10,615 which is holding well as of now. The outlook will turn negative only if the contract breaks below this support level. The ensuing targets on such a break are 10,600 and 10,570.
Strategy : Go long on a break above 10,670 with a stop-loss at 10,645
Supports : 10,615, 10,570
Resistances : 10,670, 10,715
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