Nifty February Futures (8,789)
The Nifty futures contract is retaining its strength. The contract opened with a gap up at 8,785 and fell after recording a high of 8,798.
However, the fall was short-lived as the contract found support at 8,762 and is reversing higher once again. Outlook for the contract is bullish. Immediate resistance is at 8,800. A break above this level could add momentum and take the contract higher to 8,845.
Traders can go long with a stop-loss at 8,755 for the target of 8,835.
Support for the contract is at 8,760. Declines below this level could increase the downside pressure and take the Nifty futures contract lower to 8,740 or even 8,700 thereafter.
Strategy : Go long with a stop-loss at 8,755
Supports: 8,760, 8,740
Resistances : 8,800, 8,845