Nifty December Futures (8,644)
The Nifty futures opened with a strong gap-up at 8,576.1 and subsequently breached the psychological 8,600 mark. It recorded an intra-day high of 8,657. The outlook remains bullish, and the contract can test 8,670 levels today. Immediate support is at 8,630.
Traders with a short-term perspective can go long at current levels. Stop-loss can be placed at 8,620 for the target of 8,670.
The level of 8,670 is a key intra-day resistance. A reversal from this level can take the contract down to 8,650 or even lower. But if the Nifty futures contract manages to surpass this hurdle, it can extend its rally and target 8,700 in today's trading session.
Strategy : Go long with a stop-loss at 8,620
Supports : 8,630, 8,600
Resistances : 8,670, 8,700