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Nifty 50 August Futures (11,400)
The Nifty 50 futures contract has failed to retain the momentum after opening on a positive note. The index futures reversed sharply lower after making a high of 11,445.
The contract made a low of 11,376 and has bounced back again. The support at 11,380 is holding well as of now. This leaves the near-term outlook positive.
An upmove to 11,430 and 11,440 is likely now. A strong break above 11,440 will boost the momentum and can take the contract higher to 11,475 or even 11,500 thereafter. On the other hand, if the contract reverses lower from 11,440, a pull-back move to 11,400 or even 11,380 is possible again.
Short-term traders can go long at current levels and on dips at 11,390. Stop-loss can be placed at 11,375 for the target of 11,440. Revise the stop-loss higher to 11,410 as soon as the contract moves up to 11,420.
The outlook will turn negative if the index futures declines below 11,380 decisively. Such a break can drag the contract lower to 11,350 or even 11,330.
Strategy: Go long at current levels with a stop-loss at 11,375
Supports: 11,380, 11,350
Resistances: 11,440, 11,475
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