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Nifty 50 March Futures (11,168)
The Nifty 50 futures contract has surged breaking above the key resistance level of 11,130. The outlook is bullish. But the intraday price action indicates that the upmove is losing momentum. As such an intermediate dip to 11,130 looks likely before the contract resumes its overall uptrend.
A key intraday resistance is between 11,190 and 11,200 which has to be broken for the index futures to gain fresh momentum and extend the upmove further. The next targets are 11,250 and 11,300.
Traders can wait for dips and go long near 11,145. Stop-loss can be placed at 11,120 for the target of 11,190. Revise the stop-loss higher to 11,155 as soon as the contract moves up to 11,170.
The bullish outlook will get negated only if the index futures decline below 11,130. Such a break can drag the Nifty 50 futures contract to 11,090.
Strategy: Go long on dips at 11,145 with a stop-loss at 11,120.
Supports: 11,130, 11,090
Resistances: 11,200, 11,250
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