Nifty 50 October Futures (8,735)

The Nifty futures contract started the week on a positive note at 8,718 levels. But witnessing an initial selling pressure the contract found support at 8,690 which is intraday low and bounced back into positive territory. The contract is now experiencing buying interest. It has added 35 points or 0.4 per cent. Near-term stance will remain bullish as long as the contract trades above the key support level at 8,700 levels. Traders with a short-term perspective can buy the contract at current levels with a stop-loss at 8,710. Immediate support at 8,720 can cushion the contract if any decline is seen. Targets are 8,750 and 8,770. On the downside, a decisive plunge below the key support level of 8,700 will bring back selling pressure and pull the index futures down to 8,680 and then to 8,650 levels in the short-term.

Strategy : Buy the contract with a stop-loss at 8,710

Supports : 8,700 and 8,680

Resistances : 8,750 and 8,770

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