Nifty 50 March Futures (10,490)
Three days of narrow, range-bound movement below 10,400 has come to an end. The Nifty 50 futures contract has risen sharply, breaking above the key resistance level of 10,420, which was capping the upside over the last three days. This bullish breakout has turned the short-term outlook bullish for the index futures.
Strong support is in the 10,450-10,440 region, which is likely to limit the downside. Dips to this support zone can see fresh buying interest coming into the market. Immediate resistance is at 10,510, which if it holds, can trigger an intermediate dip to 10,450. However, an eventual break above 10,510 will pave the way for the next target of 10,535. Such a break will also increase the likelihood of the contract targeting 10,600 levels in the coming days.
Short-term traders can make use of dips to go long at 10,460 and at 10,450. Stop-loss can be placed at 10,430, for the target of 10,520.
Strategy: Go long on dips at 10,460 and 10,450 with stop-loss at 10,430
S upports: 10,440, 10,400
Resistances: 10,510, 10,535
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.