Technical Analysis

Nifty call: Go long with stop-loss at 10,675

Gurumurthy K | Updated on June 01, 2018 Published on June 01, 2018

Nifty 50 June Futures (10,704) The Nifty 50 futures contract is continuing to trade strong. Though the contract had come off from the day’s high of 10,744, it has reversed higher again after making a low of 10,681.

Technically, the support in the 10,690-10,680 region has held well. Also, the pace of this fall from the day’s high is slow, indicating lack of selling interest in the market. The overall bullish outlook remains intact. Resistance is at 10,750. A strong break above this hurdle will take the index futures higher to 10,780 and 10,800 in the coming sessions.

Short-term traders with a high risk appetite can go long at current levels. Stop-loss can be placed at 10,675 for the target of 10,750. Revise the stop-loss higher to 10,715 as soon as the contract moves up to 10,730.

The contract will come under pressure if it breaks below 10,680. Such a break can drag it lower to 10,640 or 10,615.

Strategy: Go long with stop-loss at 10,675

Supports: 10,680, 10,640

Resistances: 10,750, 10,780

 

 

 

 

 

 

 

 

 

 

Published on June 01, 2018
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