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

Read the rest of this article by Signing up for Portfolio.It's completely free!

What You'll Get





Related

MORE FROM BUSINESSLINE


 Getting recommendations just for you...
This article is closed for comments.
Please Email the Editor