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Nifty October Futures (7,911) The broader indices started the week with a bang on regulatory reforms and positive cues from other Asian markets. Nifty futures opened the session with an upward gap at 7,920, more than 100 points higher than its previous close. It has breached a key resistance at 7,900 levels. After registering an intra-day high at 7,940, the contract turned volatile and started to move in a narrow band, marking an intra-day low of 7,897. However, the bullish momentum continues. Traders with a short-term perspective can make use of the volatile movement and minor declines to go long with a stop-loss at 7,875. The contract can trend higher to 7,930 and 7,950. Nevertheless, a strong fall below the key support at 7,850 can cause some profit-taking and pull the contract down to 7,825 or 7,800.
Strategy: Buy on dips with stop-loss at 7,875.
Supports: 7,900 and 7,880
Resistances: 7,930 and 7,950
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