Nifty 50 February Futures (23.015)
Nifty 50 has risen back very well from its intraday low. The index touched a low of 22,815 in early trades and has risen back recovering all the loss. It is currently trading at 22,977, up 0.14 per cent. The advances/declines ratio is at 32:18. This indicates that the sentiment is positive.
Nifty 50 Outlook
Immediate resistance is at 23,000. A strong break above 23,000 can boost the bullish momentum. Such a break can take the Nifty up to 23,200-23,250.
Support is at 22,800. Nifty is getting good support around this level. A break below it can take the index down to 22,700.
For now 22,800-23,000 or 22,700-23,000 can be the trading range. A breakout on either side of this range will determine the next move. Looking at the price action, we prefer the Nifty to breach 23,000 and rise eventually.
Nifty 50 Futures
The Nifty 50 February Futures (23,015) up 0.2 per cent. Support is at 22,800 and resistance is at 23,050. A breakout on either side of this range will determine the next move.
A break above 23,050 will be bullish. Such a break can take the Nifty 50 February Futures contract up to 23,200-23,300 in the coming sessions.
On the other hand, a break below 22,800 can drag the contract down to 22,700.
Trade Strategy
Traders can go long on a break above 23,050. Keep the stop-loss at 23,010. Trail the stop-loss up to 23,090 as soon as the contract goes up to 23,120. Move the stop-loss further up to 23,130 when the contract touches 23,150. Exit the long positions at 23,180.
Supports: 22,800, 22,700
Resistances: 23,050, 23,200
