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Nifty August Futures (7,924)
The Nifty futures contract is trading strong above the psychological 7,900 level today. The outlook continues to remain bullish. The support at 7,870 had held very well on Thursday as expected and the contract has bounced sharply after recording a low of 7,867.
It is quite probable that the contract sustains above 7,900 levels today. An immediate rise to 7,960 looks likely. A break above 7,960 can take it further higher to 7,980 thereafter. Traders can go long with a stop-loss at 7,880.
Caution is required as 7,980 is a key resistance level on the chart. A reversal from here could trigger a pull back to 7,870 once again in the coming sessions.
Strategy : Go long now with a stop-loss at 7,880. Accumulate longs on declines to 7,900.
Supports : 7,900, 7,870
Resistances : 7,960 and 7,980
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