10 May 2016


“BUY AXISBANK FUTURE ABOVE 490 TG 493.5 /496.5 SL 486”
After a slow start market has closed on a steady note. The Nifty future is pausing after a sharp rally on Monday. The contract opened with a slight gap down at 7894 and made a low of 7867. However, it has reversed higher from the low. The Sensex ended with a gain of 84 points at 25773. The Sensex opened at 25683 touched an intra-day high of 25810 and low of 25614.The NSE Nifty closed with a gain of 22 points at 7888. The NSE Nifty opened at 7874 hitting a high of 7897 and low of 7837.

For the nifty future the support at 7865 is holding as of now. The next support is at 7,845. These supports are likely to limit the downside for the day. Though a test of these supports is possible while the contract trades below 7900, such dips will be a good buying opportunity.
Immediate resistance is at 7900. A strong break above it can take the index futures higher to 7940 and 7975. Traders with a short-term perspective can make use of dips to go long near 7865. Stop-loss can be placed at 7840 for the target of 7915.
Strategy: Make use of dips to go long near 7865 with a stop-loss at 7840
Supports: 7865, 7840

Resistances: 7900, 7940

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