Technical Analysis

Nifty Call: Make use of intra-day dips to buy with stop-loss at 10,220

Yoganand D, BL Research Bureau | Updated on October 31, 2018 Published on October 31, 2018

Nifty 50 November Futures (10,263)

Nifty November futures contract began the session on a flat note and started to decline witnessing selling pressure. After recording a intra-day low of 10,111 the contract took support and bounded up strongly, recovering the intra-day losses.

Subsequently, the contract breached a key resistance at 10,200 and marked an intra-day high of 10,285. The near-term outlook will remain positive as long as the contract trades above the key support level of 10,200.

The market breadth of the Nifty index is biased towards advances. Nifty IT and Nifty Pharma indices gained 2.8 per cent and 1 per cent respectively, while Nifty Metal index slumped 2 per cent in today's session.

A decisive rally above 10,275 can take the contract higher to 10,300 in the near term. A further break above 10,300 will strengthen the up-move and take the contract northwards to 10,330 and 10,350 levels.

Key supports below 10,200 are placed at 10,175 and 10,150. Traders with a near-term view can buy in dips with a stop-loss at 10,220 levels. The contract has an immediate support at 10,230.

Strategy: Make use of intra-day dips to buy the contract with a stop-loss at 10,220

Supports: 10,230 and 10,200

Resistances: 10,275 and 10,300

 

 

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