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Nifty 50 Sep Futures (10,021)
The Nifty 50 futures contract opened the week on a strong note. The contract opened with a wide 45 points gap-up and has breached above the psychological level of 10,000. Key support is at 9,980.
The contract has reversed higher after making a low of 9,985. Resistance is at 10,030 which is holding as of now. Inability to break above 10,030 can pull the contract lower to 10,000 or 9,980. But further fall below 9,980 is unlikely. Such intraday dips can be a good opportunity to go long.
Short-term traders can go long on dips at 10,000. Stop-loss can be placed at 9,970 for the target of 10,060. Accumulate longs at 9,990 if the contract declines below 10,000. Revise the stop-loss higher to 10,010 as soon as the contract moves up to 10,025.
A strong break above 10,030 can take the index futures higher to 10,070 or even 10,100 thereafter.
Strategy: Go long on dips at 10,000
Supports :10,000, 9,980
Resistances : 10,030, 10,070
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