Comments
Nifty 50 February Futures (10,798)
The Nifty 50 futures contract is finding it difficult to gain momentum beyond 10,800. The contract has been oscillating around 10,800 over the last few sessions. The price action on the intraday chart leaves the possibility high for the contract to fall towards 10,740 or 10,720 in the near term.
High risk appetite traders can go short at current levels. Stop-loss can be placed at 10,825 for the target of 10,740. Revise the stop-loss lower to 10,785 as soon as the contract moves down to 10,770.
A key resistance is at 10,820. A strong break above it needed for the index futures to gain fresh momentum. Such a break will then ease the downside pressure and will take the contract higher to 10,860.
Strategy: Go short with a stop-loss at 10,825
Supports: 10,740, 10,720
Resistances: 10,820, 10,860
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.