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Taking positive cues from global markets, domestic equity indices, both the Nifty and Sensex, opened higher in today's session.
The Nifty futures contract started the session at 8,275 levels. The contract thereafter remained volatile and recorded an intra-day low at 8,255 and bounced back. But it recorded an intra-day high at 8,293 and began to decline.
The contract has a significant resistance at 8,300 levels. It is currently range-bound between 8,255 and 8,300.
Traders with a low-risk appetite should consider initiating fresh long positions on a strong rally above 8,300 levels with a fixed stop-loss at 8,285. The contract can extend its rally to 8,325 and 8,350 levels.
However, if the contract declines below the immediate support at 8,255, it can bring back selling pressure and pull the contract down to 8,240 and 8,220 levels. Next key support is placed at 8,200.
Strategy : Go long on a strong rally above 8,300 with a fixed stop-loss at 8,285.
Supports : 8,255 and 8,240
Resistances : 8,300 and 8,325
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