Nifty 50 March Futures (11,555)

The Nifty 50 futures contract is retaining its strength and keeps the bullish outlook intact.

The support in the 11,520-11,500 region is holding well. A rise to test the next significant resistance in the 11,580-11,600 region is likely in the near term. Inability to breach 11,600 can drag it to 11,520-11,500 again.

But a strong break above 11,600 will increase the likelihood of the contract extending its rally towards 11,650. The bias on the chart is bullish for the index futures to breach 11,600 and rise to 11,650 in the coming sessions.

Traders can wait for dips and go long at 11,540 and 11,525. Stop-loss can be placed at 11,505 for the target of 11,620. Revise the stop-loss higher to 11,555 as soon as the contract moves up to 11,570.

The contract will come under pressure if it declines below 11,500. In such a scenario, a fall to 11,450 and 11,435 is possible.

Strategy:  Go long on dips at 11,540 and 11,525 with a stop-loss at 11,505

Supports:  11,520, 11,500

Resistances:  11,580, 11,600

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