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Nifty 50 September Futures (11,492)
Nifty 50 futures contract is trading volatile today. The contract opened with a wide 65-point gap-up at 11,482 and surged to an intraday high of 11,505. However, it failed to sustain higher and reversed lower giving back the gains. The contract made a low of 11,466 and has bounced back to the current levels of 11,492.
A key near-term support is at 11,455. As long as the contract sustains above this support, there is a strong likelihood of it breaching the immediate resistance at 11,522. Such a break can take the contract higher to 11,555 and 11,570 in the coming sessions.
On the other hand, if the index futures decline below 11,455, it can dip to 11,430 initially. A strong break below 11,430 can bring back renewed pressure on the contract. In such a scenario, the possibility is high of the contract falling to 11,400 or even 11,360 on the back of fresh selling pressure.
Short-term traders can make use of dips to go long at 11,475 and 11,460. Stop-loss can be placed at 11,445 for the target of 11,535. Revise the stop-loss higher to 11,490 as soon as the contract moves up to 11,505.
Strategy: Go long on dips at 11,475 and 11,460 with a stop-loss at 11,445
Supports: 11,455, 11,430
Resistances: 11,522, 11,555
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