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Nifty 50 March futures (7,345)
The bullish momentum continued in the domestic markets backed by positive global cues. The Nifty contract started the session with another gap-up open at 7,328. The contract has decisively breached a key resistance at 7,300 which later transformed into a key support and provided the base.
After recording an intraday low at 7,302, the contract resumed its up-move and rallied to mark an intra-day high at 7,664 levels. The near-term outlook is bullish.
Traders with a short-term perspective can make use of dips to buy the contract while maintaining a stop-loss at 7,328 levels. The contract can extend its rally and test resistance at 7,364 and then 7,380 levels. The next significant resistance is pegged at 7,400 levels. A decline below the immediate support at 7,328 can pull the contract down to 7,300. But, a further fall below 7,300 can bring some selling pressure and drag the contract down to 7,275 and 7,250 levels.
Strategy: Make use of declines to buy the contract with a stop-loss at 7,328
Supports: 7,328 and 7,300
Resistances: 7,364 and 7,380
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