Nifty September Futures (8,080)
The Nifty futures contract surged 1.4 per cent to record a strong close above the psychological 8,000 level yesterday at 8,069. Today, the contract had opened slightly lower at 8,054, but has risen from there. It is continuing to trade strong and the bullish outlook remains intact.
Though there is some resistance at 8,100, series of supports at 8,075, 8,060 and 8,045 could limit any intra-day fall in the contract. A strong break above 8,100 can take it higher to 8,130 immediately. It will also open the doors for the contract to test 8,200.
Traders can go long now with a stop-loss at 8,040 for the target of 8,125. Further long positions can be accumulated on intra-day dips to 8,075 or 8,060.
Strategy : Accumulate long positions at 8,075 and 8,060.
Supports : 8,075 and 8,060
Resistances : 8,100, 8,130