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Nifty October Futures (7,988)
The Nifty futures contract is volatile today. The contract failed to sustain higher after opening with a gap-up at 8,034. It fell from the high of 8,037 to record an intraday low of 7,960.
It is reversing higher from this low, but faces resistance around 8,000. A strong break above this psychological resistance is required for the contract to gain bullish momentum. Such a break can take it higher to 8,030 and 8,050 during the day.
Traders can go long on a break above 8,000. Stop-loss can be kept at 7,975 for the target of 8,045.
Key support for the contract is in the 7,960-7,950 zone. A strong break below 7,950 will increase the downside pressure and drag it lower to 7,920 and 7,900.
Strategy: Go long on a break above 8,000, with a stop-loss at 7,975
Supports: 7,960, 7,920
Resistances: 8,000, 8,030
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