The Nifty call: Go long with stop-loss at 8,575

Gurumurthy KBL Research Bureau Updated - January 24, 2018 at 05:17 PM.

Nifty February Futures (8,610)

Trading in the Nifty futures contract has been volatile today. The contract opened with a huge gap down at 8,499.95 but reversed sharply higher immediately. It had recorded a high of 8,683.5, but has reversed sharply lower again. The outlook for the day is positive with good intraday support at 8,580. There is no immediate danger of a fall as long as the contract trades above this level.

Resistance is at 8,635 and a break above it can take the contract to 8,670 during the day. Traders can go long with a stop-loss at 8,575 for the target of 8,665.

The intraday outlook will turn negative if the contract declines below 8,580. The ensuing target on such a fall will be 8,555.

 

Strategy:  Go long with a stop-loss at 8,575

Supports:  8,580, 8,555

Resistances:  8,635, 8,670​

Published on February 10, 2015 07:44