Nifty July Futures (8,460)
The outlook for the Nifty futures contract is bullish. The reversal from 8,402 early today was short-lived as the contract found support at 8,360. It has surged surpassing the psychological level of 8,400 from this support. A test of 8,500 looks likely now. Traders can go long with a stop-loss at 8,435 for the target of 8,495.
A further break above 8,500 can take the contract higher to the next target of 8,550. On the other hand, a reversal from 8,500 can drag the contract to 8,450 during the day.
Support for the contract is at 8,430 and 8,400.
Strategy : Go long with a stop-loss at 8,435
Supports : 8,430, 8,400
Resistances : 8,500, 8,550
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