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Nifty 50 March Futures (11,547)
The Nifty 50 futures has been consolidating sideways today within its overall uptrend; oscillating between 11,500 and 11,580. As long as the contract trades above 11,500, there is a strong likelihood of it breaking above 11,580 and rallying to 11,650 in the coming sessions.
Short-term traders can make use of dips and go long at 11,520 and 11,505. Stop-loss can be placed at 11,490 for the target of 11,585. Revise the stop-loss higher to 11,535 as soon as the contract moves up to 11,555.
The contract will come under pressure for a corrective fall if it declines decisively below 11,500. In such a scenario, a fall to 11,450 or even 11,400 is possible on the back profit-taking.
Strategy: Go long on dips at 11,520 and 11,505 with a stop-loss at 11,490
Supports: 11,500, 11,450
Resistances: 11,580, 11,650
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