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Nifty September Futures (8,135)
The Nifty futures contract opened higher today at 8,140 and is so far range-bound between 8,118 and 8,152.
The overall outlook continues to remain bullish. The downside is likely to be limited to 8,100, the psychological support, even if the contract declines below 8,118 during the day. The next significant support below 8,100 is at 8,070.
On the other hand, a breach of 8,152 can take the Nifty futures to the next intra-day resistance at 8,170. Next target is 8,200.
Traders can wait for intra-day dips and go long at 8,120 with a stop-loss at 8,090 for the target of 8,160.
Strategy : Go long in declines with stop-loss at 8,090
Supports : 8,118 and 8,100
Resistances : 8,152, 8,170
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