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Nifty February Futures (8,750)
The Nifty futures was choppy during the initial hours of trading after a negative open at 8,738 levels from its previous close of 8,751 levels. It hovered in the positive territory for a brief period marking an intra-day high at 8,763 levels and declined to mark an intra-day low at 8,703. Taking support around 8,700 levels, the contract subsequently recovered and is testing resistance at 8,750 levels. Traders with a short-term perspective can buy the contract in dips while maintaining a stop-loss at 8,730 levels. A decisive rally above 8,750 can take the contract northwards to 8,772 and then to 8,800 level. Next resistances are placed at 8,830 and 8,850 levels. Nevertheless, a fall below the key support at 8,700 will reinforce bearish momentum and pull the contract down to 8,670 and 8,650 levels.
Strategy : Initiate long position with a stop-loss at 8,730
Supports : 8,730 and 8,700
Resistances : 8,772 and 8,800
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