Wednesday, September 30, 2015

Nifty call: Go long with stop-loss at 7,880

Nifty October Futures (7,915)

The Nifty futures contract was range-bound and was trading on a positive note on Wednesday. The contract fell below 7,900 initially but reversed higher immediately from the low of 7,894. This reflects the emergence of fresh buying interest for the contract around the psychological 7,900-level. The outlook is bullish. Resistance is at 7,950. A break above it can take the contract higher to 7,975 and 8,000.

Traders can go long. Stop-loss can be kept at 7,880 for the target of 7,965.

Key intraday support is at 7,890. The outlook will turn negative if the contract declines below this support. Next target on such a break will be 7,860.

Strategy: Go long with a stop-loss at 7,880

Supports: 7,890, 7,860

Resistances: 7,950, 7,975

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