Nifty call: Go long and accumulate on dips with a stop-loss at 9,430

Nifty 50 May futures (9,455)

The Nifty 50 futures contract is gaining momentum. After recording a close above the psychological 9,400 mark on Wednesday, the contract opened with a gap-up today and has risen further.

The outlook is bullish. Support is in the 9,450-9,440 region which can limit the downside during the day. Immediate resistance is at 9,460. A strong break above this hurdle can take the index futures higher to 9,500 or 9,525 going forward

Short-term traders can go long at current levels and can accumulate on dips near 9,445. Stop-loss can be placed at 9,430 for the target of 9,500. Revise the stop-loss higher to 9,470 as soon as the contract moves up to 9,490.

The intraday outlook will turn negative only if the contract declines below 9,440. Such a fall can drag it to 9,425 and 9,400 thereafter.

Strategy: Go long and accumulate on dips with a stop-loss at 9,430

Supports: 9,440, 9,425

Resistances: 9,460, 9,500

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