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Nifty 50 July Futures (9,885)
The Nifty 50 futures contract is not gaining strength despite its gap-up opening today. The contract is facing resistance below 9,900 and has come off slightly after making a high of 9,891.
The contract will gain fresh momentum only if it breaks above 9,900 decisively. Such a break will ease the downside pressure and take the index futures higher to 9,920 and 9,950.
Traders can wait on the sidelines at the moment. However, long positions can be initiated if the contract breaks above 9,900. Keep the stop-loss at 9,885 for the target of 9,935. Revise the stop-loss higher to 9,910 as soon as the contract moves up to 9,920.
But as long as it trades below 9,900, a dip to 9,865 or 9,855 cannot be ruled out. Further break below 9,855 will increase the downside pressure and can drag the contract lower to 9,830.
Strategy : Go long on a break above 9,900 with a stop-loss at 9,885
Supports: 9,855, 9,830
Resistances : 9,900, 9,930
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