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The Nifty Futures contract started the session on a positive note, opening at 8,811 levels.
After recording an intra-day low at 8,798, the contract took support at 8,800 and began to move up. The contract witnessed buying interest and recorded an intra-day high at 8,848. However, key resistance at 8,850 is limiting the upside.
The advance/decline ratio is biased towards advances indicating buying interest.
Traders with a short-term perspective should tread with caution and consider initiating fresh long positions on a rally beyond 8,850 levels.
The contract can then extend its rally and test resistances at 8,875 and 8,900 levels in the near term.
On the downside, a decisive fall below key support at 8,800 is needed to alter the bullish momentum and drag the contract down to 8,780 and then to 8,750 levels.
Strategy: Initiate fresh long positions on a rally beyond 8,850 levels with a fixed stop-loss
Supports : 8,800 and 8,780
Resistances : 8,850and 8,875
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