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Nifty October Futures (8,012)
The Nifty futures contract opened today with a downward gap at 8,015. If fell to a low of 7,982.35, but then bounced back from there and is now hovering above the psychological support level of 8,000.
Though the contract has reversed sharply lower from Friday’s high of 8,057, this down move lacks momentum which leaves high probability for an intraday rally today. Significant support is at 7,990. A rise to test the next important resistance at 8,055 looks likely during the day while the contract trades above this support level.
Traders can go long with a stop-loss at 7,980 for the target of 8,050.
The bullish outlook will get negated if the contract declines below 7,990 during the day. The next target will be 7,950.
Strategy : Go long with a stop-loss at 7,980.
Supports : 7,990, 7950
Resistances : 8,035, 8,055
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