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Nifty 50 July Futures (9,606)
The Nifty 50 futures contract has begun the week on a strong note. The contract opened the day with a 30 point gap-up at 9,547 and surged to an intraday high of 9,614 and is continuing to hover around the day's high.
Resistance is at 9,615 which is holding as of now. Immediate support is at 9,600. If the contract manages to sustain above 9,600, it will increase the likelihood of the contract breaking above 9,615 and target 9,650 during the day.
On the other hand, if the contract fails to break above 9,615 and declines below 9,600, a fall to 9,570 is possible. But further fall below 9,570 looks less probable at the moment as the overall outlook remains bullish.
Dips below 9,600 may find fresh buyers coming into the market. An upward reversal from 9,570 can take the contract higher to 9,600 and 9,615 once again. An eventual break above 9,615 can take the contract higher to 9,650.
Short-term traders can go long on dips at 9,575. Stop-loss can be placed at 9,555 for the target of 9,605.
Strategy : Go long on dips at 9,575 with a stop-loss at 9,555
Supports : 9,600, 9,575
Resistances : 9,615, 9,650
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