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Nifty 50 July Futures (9,677)
The bounce back move that had began last week from the low of 9,451 is gaining momentum. The contract has risen decisively above 9,600 and is trading strong.
After hovering below 9,650 over the last couple of days, the index futures has breached this hurdle today. This level of 9,650 will now act as a good support. Dips to this level may find fresh buying interest coming into the market. A rise to 9,700 and 9,720 is likely in the near-term
Traders with a short-term perspective can go long on dips near 9,665 with a stop-loss at 9,640 for the target of 9,715. Revise the stop-loss higher to 9,685 as soon as the contract moves up to 9,700.
Whether the contract breaks above 9,720 or not will decide the next move. Inability to break above 9,720 and a subsequent downward reversal from there can take the contract lower to 9,650 once again. But a strong break above 9,720 will pave the way for the next target of 9,750 or even higher.
Strategy: Go long on dips at 9,665 with a stop-loss at 9,645
Supports : 9,650, 9,620
Resistances: 9,700, 9,720
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