Nifty Call: Wait for dips and go long at 11,045 and 11,030

Nifty 50 July Futures (11,060)

The Nifty 50 futures contract is trading on a strong note. The contract opened with a wide 43-point gap-up at 10,981 and surged to a high of 11,064. It is currently hovering at the day's high.

The uptrend has gained momentum and remains intact. Immediate support is at 11,050. A break below it can see an intermediate dip to 11,030 or 11,020. Further fall below 11,020 looks unlikely as fresh buying interest can emerge at lower levels.

The current upmove can extend to 11,100 in the coming sessions. A strong break above 11,100 will then pave way for the next targets of 11,150 and 11,200.

Short-term traders can wait for dips and go long at 11,045 and 11,030. Stop-loss can be placed at 11,015 for the target of 11,095. Revise the stop-loss higher to 11,055 as soon as the contract moves up to 11,070.

Strategy:  Wait for dips and go long at 11,045 and 11,030 with a stop-loss at 11,015

Supports: 11,050; 11,020

Resistances: 11,100; 11,150

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