Nifty call: Use intra-day dips to buy, with stop-loss at 10,110 levels

Nifty 50 September Futures (10,131)

The Nifty September futures contract started the session on a negative note at 10,105 and immediately slipped to record an intra-day low of 10,090 levels. However, after taking support at around 10,100, the contract started to trend upwards.

The global markets are displaying mixed cues. The US market ended on a positive note on Tuesday. Asian stocks are trading mixed; the Nikkei 225 is up 0.45 per cent, while the Hang Seng index is down 0.3 per cent. The Nifty Index is volatile with a positive bias. The market breadth is slightly biased towards advances.

Traders with a near-term perspective can buy the contract on dips with a stop-loss at 10,110. The contract can test its immediate resistance at 10,135. A strong rally above this level can take it higher to 10,150 and 10,175 levels.

The next significant resistance is at 10,200. Key supports to note are at 10,110 and 10,090. However, a decisive fall below 10,090 can bring back selling pressure and pull the contract down to 10,070 and 10,050 levels.

Strategy: Make use of intra-day dips to buy, with a stop-loss at 10,110 levels.

Supports: 10,110 and 10,090

Resistances: 10,135 and 10,150

Read the rest of this article by Signing up for Portfolio.It's completely free!

What You'll Get


 Getting recommendations just for you...
This article is closed for comments.
Please Email the Editor