Nifty 50 March futures (23,270)
Nifty 50 retains its strength and continues to move up. The index is currently trading at 23,243, up 0.23 per cent. The advances/declines ratio is at 36:14. This is positive and indicates that more rise could be on the cards during the day.
Nifty 50 outlook
Nifty has risen well above a crucial resistance level of 23,100. Intraday support is at 23,200. Nifty can rise to 23,350 during the day. Failure to breach 23,350 on its first attempt can take the Nifty down to 23,200. But if the index manages to sustain above 23,200 and reverses higher again, it can breach 23,350. Such a break can take the index up to 23,500 in the coming sessions.
The near-term picture will turn negative only if the Nifty declines below 23,200. If that happens, we can get a fall to 23,000 and lower again.
Nifty 50 futures
The Nifty 50 March Futures (23,270) is up 0.3 per cent. The contract has an immediate resistance at 23,320. It has to breach this hurdle in order to move up towards 23,450-23,500.
Failure to breach 23,320 can trigger a corrective fall to 23,200 and even lower. So, the price action around 23,320 will need a very close watch today.
Trade strategy
Traders have to wait and go long only on a break above 23,320. Keep the stop-loss at 23,280. Trail the stop-loss up to 23,350 as soon as the contract goes up to 23,380. Move the stop-loss further up to 23,390 when the contract touches 23,410. Exit the longs at 23,430.
Supports: 23,200, 23,000
Resistances: 23,320, 23,450
