Technical Analysis

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

BL Research Bureau | Updated on November 05, 2019 Published 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
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