Nifty March Futures (9 , 075)
The Nifty futures contract opened with a big upward gap today at 9,148 and recorded a high of 9,191. But the contract failed to sustain the momentum and has tumbled from this high giving back all the gains made during the day.
However, the intra-day support at 9,060 has halted this fall. A low of 9,063.8 has been recorded so far today and the contract is bouncing higher from this low. The overall outlook is bullish as long as the contract trades above 9,060. Resistance is at 9,090. A strong break above this level can take the contract higher to 9,125 and 9,150 during the day.
Traders can go long with a stop-loss at 9,055 for the target of 9,115.
The danger of the intra-day outlook turning bearish will increase if the contract fails to breach the immediate resistance at 9,090. In such case, the Nifty futures contract can break the support at 9,060 and fall to 9,040 and even 9,015.
Strategy: Go long with a stop-loss at 9,055
Supports: 9,060, 9,040
Resistances: 9,010, 9,125