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Nifty July Futures (8,480)
The Nifty futures contract is unable to gain sufficient momentum to breach the psychological resistance at 8,500. However, the sharp rise from the intra-day low of 8,405 today suggests that the contract is attracting buying support at lower levels. This keeps the bias bullish for the contract to break above 8,500 in the coming sessions. Such a break can take it to the next targets of 8,530 and 8,550.
Traders can go long with a tight stop-loss at 8,460 for the target of 8,525.
Support for the contract is at 8,470. A break below it can drag it to 8,450. However, the downside pressure will increase only if the contract declines below 8,400. Such a sharp fall looks unlikely at the moment.
Strategy: Go long with a stop-loss at 8,460
Supports: 8,470, 8,450
Resistances: 8,500, 8,530
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