Technical Analysis

Nifty call: Go long at current levels with stop-loss at 10,915

Gurumurthy K | Updated on January 23, 2019 Published on January 23, 2019

Nifty 50 January futures (10,940)

The Nifty 50 futures contract has been trading mixed over the last few days. The contract has been stuck in a sideways range between 10,850 and 11,000 over the last one week. Within this range, the contract has bounced higher over the past few sessions, after making a low of 10,888.

Immediate support is at 10,925. As long as the contract trades above this support, there is a strong likelihood of it moving higher towards 11,000 - the upper end of the range in the coming sessions.

Short-term traders with high risk appetite can go long at current levels. Stop-loss can be placed at 10,915 for the target of 10,990. Revise the stop-loss higher to 10,955 as soon as the contract moves up to 10,965.

The near-term view will turn negative if the index futures declines below 10,900. The next target is 10,850.

Strategy: Go long at current levels with a stop-loss at 10,915

Supports: 10,925, 10,900

Resistances: 10,970, 11,000

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