Nifty 50 March Futures (23,820)
Nifty 50 continues to move up and is retaining its momentum. The index is currently trading at 23,807, up 062 per cent. The advances/declines ratio is at 31:19. This is positive.
Nifty 50 outlook
Nifty has a crucial resistance at 23,800 which has been tested now. The index touched a high of 23,869 and has come down slightly from there. Nifty has to get a sustained rise above 23,820 in order to keep moving higher towards 24,000-24,100 in the coming sessions.
Intraday support is at 23,700. If it falls below this support, then a corrective dip to 23,600-23,500 can be seen in the next few days.
Nifty 50 Futures
The Nifty 50 March Futures (23,820) is up 0.5 per cent. There is a crucial resistance at 23,850. The contract has to breach this hurdle in order to move further up towards 24,130 and higher.
Failure to get a sustained break above 23,850 can trigger a corrective fall to 23,750-23,700 in the coming sessions.
Trade Strategy
Go long only on a break above 23,850. Keep the stop-loss at 23,810. Trail the stop-loss up to 23,880 as soon as the contact goes up to 23,910. Move the stop-loss further up to 23,920 when the contract touches 23,950. Exit the long positions at 23,980.
Supports: 23,750, 23,700
Resistances: 23,850, 24,000