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Nifty January Futures (8,895)
The Nifty futures contract is range-bound today. It opened lower at 8,891 and made a high of 8,913.95. However, the contract failed to sustain at higher level and fell to a low of 8,862.3. On the chart, the reversal from today’s low is sharp and suggests the contract is witnessing buying interest at lower levels and also gaining momentum. Resistance is at 8,910. A strong break above it can take the contract higher to 8,950 during the day.
Traders can go long with a stop-loss at 8,860 for the target of 8,945.
The downside pressure will increase if the contract declines below the support 8,860. Such a break can take it lower to 8,835 or even 8,800.
Strategy : Go long with a stop-loss at 8,860
Supports : 8,860, 8,835
Resistances : 8,910, 8,950
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