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Nifty March Futures (8,801)
The Nifty futures contract is not gaining momentum and is stuck in a narrow range above 8,800 for sometime now.
The contract opened with a huge gap up at 8,800.50 today and has reversed higher after recording a low of 8,772.15. However, buying interest is fading above 8,800.
The high recorded so far today is 8,822.50. There is a possibility of a dip to 8,770 and 8,755 during the day. Immediate resistance is at 8,810.
Traders can go short with a stop-loss at 8,825 for the target of 8,760.
The contract will gain bullish momentum if it breaks above 8,810 decisively. Such a break can take the Nifty futures contract higher to the next targets of 8,835 and 8,850.
Strategy : Go short with a stop-loss at 8,825
Supports : 8,770, 8,755
Resistances : 8,810, 8,835
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