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Nifty February Futures (8,610)
Trading in the Nifty futures contract has been volatile today. The contract opened with a huge gap down at 8,499.95 but reversed sharply higher immediately. It had recorded a high of 8,683.5, but has reversed sharply lower again. The outlook for the day is positive with good intraday support at 8,580. There is no immediate danger of a fall as long as the contract trades above this level.
Resistance is at 8,635 and a break above it can take the contract to 8,670 during the day. Traders can go long with a stop-loss at 8,575 for the target of 8,665.
The intraday outlook will turn negative if the contract declines below 8,580. The ensuing target on such a fall will be 8,555.
Strategy: Go long with a stop-loss at 8,575
Supports: 8,580, 8,555
Resistances: 8,635, 8,670
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