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Nifty 50 February Futures (8,810)
The Nifty 50 futures contract opened the week on a strong note with a wide 54 point gap-up at 8,808. But the contract is not gaining momentum to extend its upmove and is hovering in a narrow range above 8,800. However, the overall outlook is bullish with key intraday supports at 8,810 and then between 8,800 and 8,790. As long as the contract trades above these supports a rise to 8,830 and 8,865 is likely in the coming sessions.
Short-term traders can go long. Stop-loss can be placed at 8,785 for the target of 8,860. Accumulate on dips near 8,800 and revise the stop-loss higher to 8,830 as soon as the contract moves up to 8,845.
The outlook will turn negative only if the index futures declines below 8,790. The next targets will be 8,765 and 8,745. But such a break and fall below 8,790 looks less probable.
Strategy : Go long with a stop-loss at 8,785
Supports : 8,810, 8,790
Resistances : 8,830, 8,865
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