Nifty August Futures (8,535)
The Nifty futures contract is trading on a strong note. The contract opened with a gap-up at 8,483.40 and surged to record an intraday high of 8,544.90. Though it has come off from this high, the outlook is bullish.
Supports are poised at 8,525 and 8,500 which can limit the downside for the contract. A rise to test the next resistances at 8,585 and 8,600 looks likely now.
Traders can go long. Stop-loss can be placed at 8,510 for the target of 8,580.
The contract will come under pressure if it declines below 8,500. The next targets will be 8,480 and 8,450. But such sharp fall looks unlikely at the moment.
Strategy: Go long with a stop-loss at 8,510
Supports: 8,525, 8,500
Resistances: 8,585, 8,600