Nifty Call: Go long with a stop-loss at 11,740

Nifty 50 September Futures (11,760)

Nifty 50 futures contract began the week on a positive note. Though the contract fell after making an intraday high of 11,775, the down-move is lacking in strength. The contract has managed to bounce again from around 11,744.

A strong break above 11,770 will boost the momentum and will take the contract higher to 11,800 and 11,820 in the coming sessions.

Short-term traders can go long with a stop-loss at 11,740 for a target of 11,800. Revise the stop-loss higher to 11,770 as soon as the market moves up to 11,785.

The near-term view will turn negative if the index futures decline below 11,740. In such a scenario, the contract can fall to 11,720 or 11,690.

Strategy:  Go long with a stop-loss at 11,740

Supports: 11,740, 11,720

Resistances: 11,770, 11,800

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