Comments
Nifty 50 March Futures (10,183)
The Nifty 50 futures contract has begun the week on a weak note. The contract tumbled below the psychological 10,200-level to make a low of 10,157. The bounce back move from this intra-day low is facing resistance at 10,200. The contract has reversed lower again from 10,195. The outlook is bearish. A fall to 10,145 is likely. A break below 10,145 can drag the index futures lower towards 10,100.
Short-term traders with high risk appetite can go short at current levels. Stop-loss can be placed at 10,205 for the target of 10,145. Revise the stop-loss lower to 10,170 as soon as the contract moves down to 10,155.
The downside pressure will ease if the contract manages to surpass 10,200 decisively. In such a scenario, a relief rally to 10,225 and 10,250 is possible.
Strategy: Go short with a stop-loss at 10,205
S upports: 10,145, 10,100
Resistances: 10,200, 10,225
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.