Comments
Nifty 50 Oct futures (9,874)
The Nifty 50 futures contract is trading on a mixed note. Though the contract opened with a wide 95-point gap-up, it failed to sustain at those levels. It fell sharply from the day's high of 9,896 and has bounced back after making a low of 9,842. This bounce-back move lacks strength. Key resistance is in the 9,890-9,900 zone. Only a strong break above 9,900 will increase the likelihood of the rally extending to 9,940. But as long as the index futures remain below 9,900, a fall to 9,840 or 9,820 cannot be ruled out.
Traders with high risk appetite can go short on a bounce at 9,885. Stop-loss can be placed at 9,905 for the target of 9,845. Revise the stop-loss lower to 9,875 as soon as the contract moves down to 9,860.
Strategy : Go short on a bounce at 9,885 with a stop-loss at 9,905
Supports : 9,840, 9,8320
Resistances : 9,900, 9,940
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.