Technical Analysis

Nifty call: Buy on dips with fixed stop-loss at 10,280 levels

Yoganand D BL Research Bureau | Updated on January 09, 2018 Published on December 13, 2017

Nifty 50 Dec futures (10,318) Following a negative open, the domestic benchmark indices the Nifty and Sensex have recovered strongly. The US and European markets closed in positive territory, while the Asian markets are showing mixed trends.

The Nikkei 225 has slipped 108 points or 0.5 per cent to 22,758, whereas the Hang Seng index has surged 410 points or 1.4 per cent to 29,204 levels. The Nifty December futures started in negative territory with a gap-down open at 10,240. After marking an intra-day low of 10,220 levels, the contract began to recover.

Breaching immediate resistances at 10,250 and 10300, the contract extended its intra-day rally. It marked an intra-day high of 10,332. The market breadth is biased towards advances. Traders with a short-term view can make use of intra-day dips to buy the contract, while maintaining a fixed stop-loss at 10,280 levels.

The contract can continue to move higher to 10,330 and 10,350 levels after minor correction. Key supports are placed at 10,000 and 10,275. Subsequent supports are placed at 10,250 and 10,220 levels.

Strategy: Buy on dips with fixed stop-loss at 10,280 levels

Supports: 10,300 and 10,275

Resistances: 10,330 and 10,350

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