Technical Analysis

Nifty call: Go long with a stop-loss at 9,885

Gurumurthy K BL Research Bureau | Updated on January 11, 2018 Published on July 20, 2017

nifty

Nifty 50 July Futures (9,905)

The Nifty 50 futures contract opened with a gap-up but has come off from the day's high of 9,929. However, this pull-back move from the day's high is not strong which indicates that the contract lacks strong selling interest in the market.

A key intraday support is at 9,895. The contract will come under pressure only if it breaks below this support. Such a break can take it lower to 9,875 and 9,855.

But as long as the contract manages to sustain above 9,895, there is a strong likelihood of it seeing a fresh rally to 9,930 and 9,950.

Short-term traders with high risk appetite can go long at current levels. Stop-loss can be placed at 9,885 for the target of 9,935. Revise the stop-loss higher to 9,915 as soon as the contract moves up to 9,925.

Strategy: Go long with a stop-loss at 9,885

Supports: 9,895, 9,875

Resistances: 9,930, 9,950

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Published on July 20, 2017
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