Nifty 50 September Futures (8,736)
The Nifty September month futures contract started the session with a gap up at 8,680.
After recording an intraday low at 8,668 and the contract continued to trend upwards. While trending up, the contract breached key resistance at 8,700.
The advance/decline ratio is tilted towards advances. The near-term bullish momentum can remain intact as long as the contract trades above the key support at 8,680 levels.
Traders with a short-term perspective can make use of dips to buy the contract while maintaining a stop-loss at 8,685 levels.
The contract can extend its rally and test resistance at 8,750 and then at 8,775 levels. Significant resistance is pegged at 8,800.
On the downside, a decisive fall below 8,680 can bring back selling pressure and drag the contract down to 8,650 and then to 8,630 levels. Next key supports are 8,600 and 8,580 levels.
Strategy : Make use of dips to buy the contract with a stop-loss at 8,695 levels.
Supports : 8,720 and 8,700
Resistances : 8,750 and 8,775
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