Nifty 50 July Futures (8,478)
The Nifty 50 futures contract opened the week on a strong note with a huge gap-up at 8,432 after closing at 8,336 on Friday. The contract is now facing resistance near 8,480. It made an intraday high of 8,484 and is now consolidating around this high in a narrow range.
Immediate support is at 8,465, which is likely to limit the downside. If the contract declines below 8,465, it can fall to 8,450 and 8,435 during the day.
A strong break above 8,480 can take the index futures to 8,500 initially. A break above 8,500 will see it rising to 8,550 thereafter.
Short-term traders with high risk appetite can go long on dips near 8,470 with a tight stop-loss at 8,455, for the target of 8,500.
Strategy: Go long near 8,470
Supports: 8,465, 8435
Resistances: 8,480, 8,500