Technical Analysis

Nifty call: Go long with a stop-loss at 10,285

Gurumurthy K BL Research Bureau | Updated on January 09, 2018 Published on November 20, 2017

Nifty 50 Nov Futures (10,305)

The Nifty 50 futures contract is not witnessing fresh selling pressure to drag it decisively below 10,300.

The contract has a strong support in the 10,290-10,275 region. As long as it sustains above this support zone, a rise to 10,350-10,360 looks likely. Further break above 10,360 will increase the likelihood of the upmove extending to 10,380 or even higher.

Short-term traders with high risk appetite can go long at current levels. Stop-loss can be placed at 10,285 for the target of 10,345. Revise the stop-loss higher to 10,310 as soon as the contract moves up to 10,320.

The outlook will turn negative if the index futures declines below 10,275 decisively. In such a scenario, the contract can fall to 10,265 or even 10,230.

Strategy: Go long with a stop-loss at 10,285

Supports: 10,290, 10,275

Resistances: 10,360, 10,380

Published on November 20, 2017
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