Comments
Nifty 50 October Futures (11,080)
Nifty 50 futures contract is retaining its 10,900-11,185 sideways range. Within this range, the contract made a low of 10,985 and has reversed sharply higher from there. The immediate outlook is positive. There is a strong possibility of the contract moving higher within the sideways range in the coming sessions.
An upmove to 11,150 is likely. A break above 11,150 can take the contract further higher to 11,185 and 11,200 thereafter.
Traders can go long at current levels. Stop-loss can be placed at 11,045 for the target of 11,150. Revise the stop-loss higher to 11,105 as soon as the contract moves up to 11,125.
The bullish outlook will get negated only if the index futures decline below 11,000. In such a scenario, a fall to 10,960 and 10,930 is possible.
Strategy: Go long at current levels with a stop-loss at 11,045
Supports: 11,060, 11,000
Resistances: 11,120, 11,150
Comments
COMMENT NOW
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.