Comments
Nifty 50 Jan Futures (10,839)
The Nifty 50 futures contract is trading mixed and volatile over the last couple of days. Though the contract has reversed sharply higher from the intraday low of 10,792, it is not gaining momentum.
Resistance at 10,860 has halted this bounce back move and the index futures is hovering below this hurdle for some time now. A strong break above 10,860 is needed for the contract to extend its upmove. Such a break can bring fresh buyers into the market and take the index futures higher to 10,900 or even higher in the coming sessions.
Traders can go long on a break above 10,860. Stop-loss can be placed at 10,845 for the target of 10,895. Revise the stop-loss higher to 10,870 as soon as the contract moves up to 10,880. Intermediate support is at 10,830. A break below it can take the contract lower to 10,800 initially. Further break below 10,800 can drag the contract lower to 10,775 or even 10,750 thereafter.
Strategy: Go long on a break above 10,860 with a stop-loss at 10,845
Supports: 10,830, 10,800
Resistances: 10,860, 10,900
Comments
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.