Technical Analysis

Nifty call: Make use of intra-day dips to buy with a fixed stop-loss at 9,560 levels

Yoganand D BL Research Bureau | Updated on January 12, 2018 Published on May 29, 2017

Nifty 50 June Futures (9,594)

The Nifty futures June month contract started the session on a negative note at 9,560 levels. It fell to mark an intra-day low of 9,543.

Subsequently, the contract started to experience bullish momentum and surpassed a key resistance level of 9,600. After recording an intra-day high of 9,616, the contract turned volatile.

The contract currently tests its key resistance level of 9,600, again. The market breadth (advance/decline ratio) is slightly biased towards advances.

As long as the Nifty futures contract trades above 9,575, its near-term view stays positive.

Traders with a near-term view can buy the contract with a stop-loss at 9,560 levels. Strong rally beyond the immediate resistance at 9,600 can push the contract higher to 9,620 and then to 9,640 levels.

But, a decisive plunge below 9,575 can pull the contract down to 9,550 and then to 9,530 levels in the near term.

Strategy: Make use of intra-day dips to buy with a fixed stop-loss at 9,560 levels.

Supports: 9,575 and 9,550

Resistances: 9,600 and 9,620

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