Nifty 50 Sept Futures (10,166) After being range-bound over the past three trading days, the Nifty 50 futures contract has broken this range on the upside and has opened the week on a positive note.
The contract opened with a 40-point gap-up at 10,142 and surged to a high of 10,188. The outlook is bullish. Key intraday support is in the 10,145-10,140 zone. Dips to this support zone may attract fresh buying interest in the market. A rise to 10,210 is likely during the day. Inability to break above 10,210 can trigger a pull-back move to 10,180 or even 10,150. But if the index futures manages to breach above 10,210, it can move up to 10,250 or 10,270 thereafter.
Short-term traders can wait for dips and go long at 10,150. Stop-loss can be placed at 10,125. Revise the stop-loss higher to 10,165 as soon as the contract moves up to 10,175.
The outlook will turn negative only if the contract declines below 10,140. In such a scenario, the index futures can fall to 10,115 and 10,100.
Strategy : Go long on dips at 10,150 with a stop-loss at 10,125
Supports: 10,140, 10,115
Resistances: 10,210, 10,250