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Nifty September futures (8,045)
The Nifty futures has opened the week on a positive note. The contract opened with a huge gap up at 8,021.2, and went on to record a high of 8,054.
The immediate outlook is bullish. The contract could very well sustain above the psychological level of 8,000 in the coming sessions. Supports for the contract are at 8,010 and 7,995.
The contract is likely to see some resistance at 8,055. A strong breach of this level can take the contract higher to 8,080 and 8,100. Traders can go long with a stop-loss at 7,990 for the target of 8,080. Intra-day dips to 8,010, can be used as an opportunity to accumulate more long positions.
An inverted head and shoulder pattern on the daily chart, indicates that the short-term outlook is bullish. The contract can target 8,240 in the coming days.
Strategy : Go long now with a stop-loss at 7,990. Accumulate more long positions on intra-day dips near 8,010.
Supports : 8,010 and 7,990
Resistances : 8,055, 8,080
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