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The Nifty 50 futures contract has been range-bound broadly between 8,650 and 8,750 for almost a week now.
The contract fell to test the lower end of this range earlier during the day and reversed higher thereafter.
It is currently hovering around the mid-point of the range. There is a strong likelihood of a rise to test the resistance at 8,750 in the coming sessions.
Short-term traders with high risk appetite can go long with a stop-loss at 8,675 for the target of 8,740.
A breakout on either side of this range will decide the next leg of move for the contract.
A strong break above 8,750 will be bullish and can trigger a fresh rally to 8,800 and 8,830. On the other hand, a break below 8,650 may drag the index futures down to 8,600 or even lower levels.
Strategy : Go long with a stop-loss at 8,675
Supports : 8,680, 8,650
Resistances : 8,730, 8,750
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