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Nifty 50 May Futures (10,705)
After hovering in a sideways range around 10,600 over the last few days, the Nifty 50 futures contract has risen sharply, breaking this psychological level.
The contract opened with a wide gap-up of 35-points at 10,667 and surged to an intraday high of 10,725. Though it has come-off slightly from the day's high, the contract is managing to sustain above 10,700.
As long as it remains above 10,700, a rally to 10,750 or 10,760 is likely in the coming sessions.
Short-term traders with high risk appetite can go long at current levels with a stop-loss at 10,685 and for the target of 10,745. Revise the stop-loss higher to 10,720 as soon as the contract moves up to 10,730.
The bullish outlook will get negated if the index futures declines below 10,690. Such a break can take the contract lower to 10,670 or even 10,650 thereafter.
Strategy : Go long with a stop-loss at 10,685
Supports : 10,690, 10,670
Resistances : 10,625, 10,660
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