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Nifty February Futures (8,850)
The Nifty futures contract has been range-bound between 8,800 and 8,950 for the past one week. The contract opened with a huge 100 point gap up today at 8,945 but subsequently gave up all its gains. It is currently heading towards 8,800 -the lower end of the sideways range.
Intra-day supports are at 8,830 and 8,820. The contract will remain range-bound and a reversal from its immediate support levels or 8,800 is likely.
Traders can wait for this dip and go long at 8,825. Stop-loss can be placed at 8,795 for the target of 8,860.
A breakout on either side of 8,800 and 8,950 will decide the next leg of movement for the Nifty futures contract. A fall below 8,800 can drag the contract down to 8,770 and 8,750.
Strategy : Go long at 8,825 with a stop-loss at 8,795
Supports : 8,820, 8,800
Resistances : 8,870, 8,900
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