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Nifty 50 March futures (9,113) The Nifty futures started the session with a gap up, opening at 9,095 after taking cues from positive Asian markets. The contract then continued its bullish momentum after recording an intra-day low of 9,088 levels.
It breached the key immediate resistance at 9,100 and marked an intra-day high of 9,123 levels. The underlying Nifty 50 index is witnessing buying interest and has surged 0.6 per cent, moving above 9,100 levels.
The market breadth of this index is biased towards advances. The near-term outlook is bullish for the Nifty futures contract. Traders with a short-term perspective can make use of dips to buy the contract while maintaining a stop-loss at 9,080 levels.
The contract can extend its up-move and test resistances at 9,125 and then at 9,145 levels. A further rally beyond 9,145 can take the contract northwards to 9,160. Conversely, if the contract plunges below the immediate significant support level of 9,080, it could decline to 9,065 and 9,050 levels. A strong tumble below 9,050 could strengthen the selling pressure and pull the contract down to 9,035 and 9,020 levels.
Strategy: The contract is witnessing buying interest. Buy on dips with fixed stop-loss at 9,085 levels.
Supports: 9,080 and 9,065
Resistances: 9,125 and 9,145
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