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Nifty 50 September futures (25,300)
Nifty 50 is trading stable after opening with wide gap-up today. It opened the day at 25,249.70 and is now trading at 25,232, up 0.31 per cent. The advances/declines ratio is at 38:12. This is positive.
Nifty 50 outlook
The bullish view is intact. Support will now be in the 25,200-25,170 region. We can expect the Nifty to sustain above 25,170 as fresh buyers are likely to come in at lower levels. A rise to 25,350-25,400 looks likely in the coming days.
Nifty will come under pressure only if it gets a sustained break below 25,170. If that happens, we can see a fall to 25,100 and even 25,050. But such a fall looks less likely.
Nifty 50 futures
The Nifty 50 September futures (25,300) is up 0.13 per cent. Supports are at 25,250 and 25,200. An intraday dip to test these supports cannot be ruled out. However, a fall beyond 25,200 is less likely.
As long as the contract stays above 25,200 the outlook will remain bullish. A rise to 25,400 is possible in the coming sessions. Whether this rise is going to happen from here itself or after a dip to 25,250-25,200 is not clear at the moment.
Trading strategy
Traders can wait for dips. Go long at 25,260 and 25,220. Keep the stop-loss at 25,180. Trail the stop-loss up to 25,290 as soon as the contract moves up to 25,310. Move the stop-loss further up to 25,330 when the price touches 25,355. Exit the long positions at 25,380.
Supports: 25,250, 25,200
Resistances: 25,350, 25,400
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