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Nifty 50 September Futures (8,765)
The Nifty 50 futures contract is trying to recover after Monday's sharp 1.2 per cent fall.
The contract opened with an upward gap and then declined to make an intraday low of 8,742. However, the contract has reversed higher from this low.
The immediate outlook is bullish. Immediate resistance is at 8,770. A break above this level can take the contract higher to 8,790 or 8,800.
Traders with high risk appetite can go long on dips near 8,755. Stop-loss can be placed at 8,735 for the target of 8,790. Whether the contract manages to break above 8,800 or not will decide the next leg of move.
A strong break above 8,800 will ease the downside pressure and take the index futures higher to 8,830. But a reversal from 8,790 or 8,800 may drag it to 8,775 or even 8,750 once again.
Supports : 8,745 and 8,730
Resistances: 8,770 and 8,790
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