Technical Analysis

Nifty call: Go long on dips at 9,915 with a stop-loss at 9,890

Gurumurthy K BL Research Bureau | Updated on January 08, 2018 Published on October 04, 2017

Nifty 50 Oct Futures (9,924)

The Nifty 50 futures contract has risen, breaking above 9,900. The contract made an intraday high of 9,938 and has come-off slightly from there.

Immediate support is at 9,910 and the next key intraday support is in between 9,880 and 9,870. The support at 9,910 can be tested during the day, but a break below it is less probable. An upward reversal from 9,910 can take the contract higher to 9,945 or 9,960.

Short-term traders can make use of dips to go long at 9,915. Stop-loss can be placed at 9,890 for the target of 9,960. Revise the stop-loss higher to 9,925 as soon as the contract moves up to 9,940.

The outlook will turn negative only if the contract declines below 9,870. The next targets are 9,840 and 9,820. However, breaking below 9,870 looks less probable at the moment

Strategy: Go long on dips at 9,915 with a stop-loss at 9,890

Supports: 9,910, 9,870

Resistances: 9,945, 9,960

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Published on October 04, 2017
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