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Nifty 50 Sep Futures (10,162)
The Nifty 50 futures contract is not getting a strong follow through buying to breach above the resistance at 10,190.
The contract fell after opening at the day’s high of 10,175 and made an intraday low of 10,148. However, it has bounced higher from the day’s low and is currently trading around 10,162. Immediate outlook is not clear.
Key support is in between 10,140 and 10,130 which is likely to limit the downside. As long as the contract trades above these supports, there is a strong likelihood of it breaking above the resistance at 10,190. Such a break can take the index futures higher to 10,220 or even higher.
Short-term traders with high risk appetite can make use of dips to go long near 10,140 with a tight stop-loss at 10,125 and for the target of 10,180. Revise the stop-loss higher to 10,150 as soon as the contract moves up to 10,165.
The near-term view will turn negative if the contract declines below 10,130. In such a scenario, a fall to 10,090 is possible.
Strategy : Go long on dips at 10,140 with a stop-loss at 10,125
Supports : 10,130, 10,090
Resistances: 10,190, 10,220
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