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Nifty 50 Aug futures (9,830) The Nifty 50 futures contract has risen, breaking above the psychological resistance level of 9,900. The near-term view is positive. Immediate support is at 9,920 and then the key intraday support is in the 9,900-9,890 region.
Intraday dips to these supports may find fresh buying interest in the market. Resistance is at 9,950, which is likely to be tested. A break above it can take the contract higher to 9,980 or 9,990.
Short-term traders can wait for dips and go long at 9,920. Stop-loss can be placed at 9,905 for the target of 9,950. Revise the stop-loss higher to 9,925 as soon as the contract moves up to 9,935.
The outlook will turn negative only if the contract breaks below 9,890. Such a break can drag the index futures lower to 9,860 or 9,850.
Strategy: Go long on dips at 9,920
Supports: 9,920, 9,890
Resistances: 9,950, 9,980
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