Nifty Call: Short-term traders can go long at current levels

Nifty 50 August Futures (11,675)

Nifty 50 futures contract began the expiry week on a strong note. The contract opened with a wide 45-point gap-up at 11,616 and surged to a high of 11,677. It is currently hovering near the day's high.

Cluster of supports are poised in between 11,670 and 11,650 which are likely to limit the downside, retaining the positive outlook. An upmove to 11,720 is possible in the coming sessions.

Short-term traders can go long at current levels and also accumulate at 11,665. Keep the stop-loss at 11,645 for the target of 11,715. Revise the stop-loss higher to 11,685 as soon as the contract moves up to 11,700.

The bullish outlook will get negated if the index futures declines below 11,650 decisively. In such a scenario, the contract can fall to 11,600.
 

Strategy:  Go long at current levels and also accumulate at 11,665 with a stop-loss at11,645

Supports: 11,670, 11,650

Resistances: 11,700, 11,720

 

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