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Nifty 50 October Futures (10,565)
Nifty 50 futures contract rallied, breaking above the key resistance level of 10,520. The contract made a high of 10,597 and has come-off from there. A dip to 10,535 or 10,515 is likely now.
However, the downside is expected to be limited to 10,515. Further fall below this support level looks unlikely at the moment. An upward reversal from 10,535 or 10,515 can take the index futures higher to 10,600 again. A strong break above 10,600 will then pave way for a fresh rally to 10,670 and 10,715 in the coming sessions.
Traders can wait for dips and go long at 10,535 and 10,520. Stop-loss can be placed at 10,490 for the target of 10,625. Revise the stop-loss higher to 10,555 as soon as the contract moves up to 10,575.
The bullish outlook will get negated if the index futures decline decisively below 10,490. In such a scenario, a fall to 10,440 or even 10,400 is possible.
Strategy: Go long on dips at 10,535 and 10,520
Su pports: 10,535, 10,490
Resistances: 10,600, 10,670
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