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Nifty 50 May Futures (10,745)
The Nifty 50 futures contract had come-off sharply after making an intraday high of 10,766. It fell to a low 10,722 but has bounced slightly from there.
It is currently hovering below a key intraday resistance level of 10,755. The near-term view is positive. The contract is likely to breach the hurdle at 10,755 and rally towards 10,785 and 10,800.
Short-term traders with high risk appetite can go long at current levels and also accumulate on dips at 10,735. Stop-loss can be placed at 10,720 for the target of 10,785. Revise the stop-loss higher to 10,755 as soon as the contract moves up to 10,765.
Support for the contract is at 10,725 which is likely to limit the downside during the day. A break below it will negate the bullish outlook mentioned above. Such a break can drag the contract lower to 10,700 or 10,685.
Strategy: Go long at current levels and on dips at 10,735 with a stop-loss at 10,720
Supports : 10,725, 10,700
Resistances: 10,755, 10,785
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