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Nifty July Futures (8,578)
The bullish outlook remains for the Nifty futures contract. It has breached and surged above 8,550 – the key resistance which was restricting the upside all through on Wednesday. The contract is currently consolidating near the day’s high in a narrow range of 8,570 and 8,585. A break above 8,585 can take it higher to 8,600 and 8,635 during the day. A further break above 8,635 will pave the way for the next target of 8,650 and 8,680.
Traders can go long. Stop-loss can be kept at 8,545 for the target of 8,630. Intraday dips to 8,550 can be used to accumulate long positions.
Immediate support for the contract is at 8,570. A break below this level can take it lower to 8,550. The downside pressure will increase only if the contract declines below 8,550. The next target will be 8,520. However, an immediate break below 8,550 looks unlikely.
Strategy : Go long with a stop-loss at 8,545
Supports : 8,570, 8,550
Resistances : 8,585, 8,635
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