Nifty call: Buy on dips with tight stop-loss at 10,140

Nifty 50 October Futures (10,177) The Nifty futures contract started the session in the green, opening at 10,130 levels.

After an initial slip to mark an intra-day low of 10,117, the contract resumed its up-move.

The Asian markets are trading in positive territory. The Nikkei 225 index added 200 points to trade at 21,155 levels and the Hang Seng index inched higher 25 points to 28,484 levels.

The Nifty futures contract continue its upmove, breaching the key resistance at 10,150 and recorded an intra-day high of 10,190. The underlying Nifty index is also witnessing buying interest and has surged 0.6 per cent to trade at 10,159 levels.

The market breadth is biased towards advances. The near-term outlook stays bullish as long as the contract trades above 10,150 levels. Traders with a short-term perspective can buy the contract on dips with a tight stop-loss at 10,140 levels. The contract can move higher and test resistance in the band between 10,190 and 10,200. A strong rally beyond 10,200 can push the contract northwards to 10,230 levels. Significant supports below 10,150 are at 10,125 and 10,100

Strategy: Buy on dips with a tight stop-loss at 10,140

Supports: 10,150 and 10,130

Resistances: 10,200 and 10,230

Read the rest of this article by Signing up for Portfolio.It's completely free!

What You'll Get


 Getting recommendations just for you...
This article is closed for comments.
Please Email the Editor