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Nifty 50 February Futures (8,688)
The Nifty 50 futures contract retains its bullish momentum. The contract opened with a wide gap-up at 8,649 and rose to a high of 8,695. It is currently hovering below the psychological 8,700-ark. Whether the contract breaks above 8,700 or not will decide the move for the rest of the day. A strong break above 8,700 will see the up-move extending to 8,730 or 8,760. Short-term traders with high risk appetite can go long on a break above 8,700. Stop-loss can be placed at 8,685 for the target of 8,730.
The inability to break above 8,700 can trigger a pull-back move to 8,650 or 8,640. In such a scenario the contract may remain rangebound between 8,640 and 8,700 for a few sessions. But a strong break below 8,640, which looks less probable at the moment, may drag the index futures lower to 8,600.
Strategy: Go long on a break above 8,700 with a stop-loss at 8,685
S upports: 8,640, 8,600
Resistances: 8,700, 8,730
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