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Nifty September Futures (8,157)
The Nifty futures contract opened the week with a gap up opening at 8,141 from its previous close of 8,116 levels.
After recording an intra-day high at 8,164, the contract was moving sideways in a narrow range between 8,140 and 8,164.
As long the contract trades above the immediate support at 8,140, the near-term outlook stays bullish. Traders can consider holding their long positions with a stop-loss at 8,140 levels.
The contract can trend to 8,165 and then 8,174. A decisive breach of 8,174 is needed to take the contract higher to 8,200 levels.
On the other hand, a decline below 8,140 can cause profit-taking and the contract can decline to 8,100. Next supports below this level are placed at 8,072 and 8,050.
Strategy : Consider holding long positions with a stop-loss at 8,140.
Supports: 8,140 and 8,100
Resistances: 8174 and 8,200
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