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Nifty August Futures (7,910)
The Nifty futures contract is slowly gaining momentum, after its slight dip on Wednesday. The contract breached the psychological 7,900 level today, and recorded a high of 7,937. While the contract has shed some of its gains, the outlook remains bullish.
The candle stick chart indicates formation of a bull flag pattern, which strengthens the bullish outlook. Supports for the contract are at 7,900 and 7,870. A rise to 7,945 looks likely today. A break above this level can take the contract to its next target of 7,980.
Traders can go long with a stop-loss at 7,860. Declines to 7,900 and 7,880 will be cue for accumulating more long positions.
The outlook for the Nifty futures contract will turn bearish only if it breaches 7,870 decisively. Such a break can take the contract lower to 7,800.
Strategy : Go long with a stop-loss at 7,860. Accumulate more long positions on declines to 7,900 and 7,880.
Supports : 7,900, 7,870
Resistances : 7,945 and 7,980
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