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Nifty January Futures (8,830)
The Nifty futures contract opened with a huge gap up at 8,849.4 today and immediately recorded a high of 8,875.85.
Subsequently, the contract reversed sharply from this level but found support at 8,810. It is now bouncing back from this support level once again.
The outlook will remain bullish as long as the contract trades above this support at 8,810. A rise to 8,850 and 8,880 looks likely during the day.
Traders can go long at current levels with a stop-loss at 8,805 for the target of 8,865.
The intra-day outlook will turn negative only if the contract falls below 8,810. In such a scenario, Nifty futures contract can extend its fall to 8,780 during the day.
Strategy : Go long with a stop-loss at 8,805
Supports: 8,810, 8,780
Resistances : 8,850, 8,880
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