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Nifty 50 July Futures (8,592)
The Nifty 50 futures contract is continuing to trade positive. The contract opened with a gap-up at 8,571 and made a high of 8,596. However, it has not gained further momentum to break above the psychological 8,600 mark and has been stuck in a narrow range between 8,585 and 8,596 for some time. A strong break above 8,600 can boost the momentum and take it higher to 8,650.
Traders with a short-term perspective can go long on a break above 8,600. Stop-loss can be kept at 8,580 for the target of 8,645.
On the other hand, the inability to break above 8,600 can keep the contract range-bound between 8,550 and 8,600 for a few sessions. Supports are at 8,570 and 8,550, which can limit the downside in the near-term.
Strategy: Go long above 8,600 with a stop-loss at 8,580
Supports: 8,570, 8550
Resistances: 8,600, 8,650
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