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Nifty 50 August Futures (11,743)
Nifty 50 futures is retaining its momentum. The index futures opened with a 30-point gap-up at 11,735 and surged to a high of 11,765. The contract has however, come-off from the day’s high and is currently trading at 11,743.
The outlook is bullish. An upmove to 11,800 and 11,820 is likely in the coming sessions; a strong break above 11,760 will pave way for this rally.
However, an intermediate dip before an upmove to 11,800 levels cannot be ruled out. Traders can hence wait for dips to take long positions.
Immediate support is at 11,710 and the next important support is in the 11,680-11,670 region. Dips to these supports are likely to attract fresh buying interest.
Short-term traders can wait for dips and go long at 11,715 and 11,695. Stop-loss can be placed at 11,685 for the target of 11,775.
The bullish outlook will get negated only if the index futures decline below 11,670 decisively. Such a break will then increase the likelihood of the contract falling to 11,650 or even 11,600 on the back of profit booking.
Strategy: Go long on dips at 11,715 and 11,695 with a stop-loss at 11,685
Supports: 11,710, 11,670
Resistances: 11,750, 11,800
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