The Nifty futures contract is witnessing a relief rally after a sharp fall last week.
The contract opened with a huge gap-up and has risen to make an intra-day high of 7,166. Immediate resistance is at 7,170 which is holding as of now. Support is at 7,130.
A reversal from 7,130 will increase the possibility of the contract breaking above the resistance at 7,170. Such a break can take the Nifty futures higher to 7,200.
Traders with a short-term perspective can wait for dips and go long near 7,130. Stop-loss can be kept at 7,110.
The above mentioned rise to 7,200 will get negated if the contract fails to reverse higher from the support at 7,130. A fall below this support can drag the contract to 7,100 today.
Strategy : Go long near 7,130 with a stop-loss at 7,110
Supports: 7,130, 7,100
Resistances: 7,170, 7,200
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.