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Nifty February Futures (8,862)
Following a gap-up opening at 8,868 from the previous close of 8,841 levels, the Nifty futures extended its rally to mark an intra-day high at 8,904 levels.
Encountering resistance at 8,900, the contract began to witness some selling pressure and declined to find support at 8,850 levels. The contract is choppy around this base level, trying to bounce upwards.
Traders with a short-term perspective can buy the contract with a stop-loss at 8,835 levels. An upward reversal from the key support level of 8,850 can take the contract higher to 8,880 and then to 8,900. A decisive rally above 8,900 can lift the contract further to 8,923 and 8,950 levels.
On the other hand, an emphatic fall below 8,830 levels can pull the contract down to 8,800 and 8,775 levels.
Strategy : Go long with a stop-loss at 8,835 levels.
Support: 8,850 and 8,830
Resistance : 8,880 and 8,900
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