Technical Analysis

Nifty Intraday Call: Go short with stop loss at 12,025

BL Research Bureau | Updated on November 05, 2019

Nifty 50 November future (11,926)

The Nifty 50 November future contract opened on a steady note, but is losing ground fast. Profit booking seems to have set in at higher levels as the Nifty 50 neared its previous life-time high.

The selling appears restricted to Indian markets. US indices closed at record highs on Monday.

Markets in Asia and Europe are also trading on a relatively strong note. Immediate target for the ongoing down-move is 11,902 and 11,878. Those holding short positions can book some profit if the contract does not move below this level.

But a decline below this level can drag the contract further lower to 11,834, 11,779 or 11,724.

Immediate resistances are at 11,946 and 11.965. Reversal from either of these levels will be a cue for going short.

Our call: Traders can go short at current juncture with stop loss at 12,025.

Support: 11,878, 11,834

Resistance: 11,946, 11965

 

Published on November 05, 2019

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like