Nifty February Futures (8,825)
The Nifty futures contract is trading on a positive note today. The contract opened with a huge gap up at 8,825 and recorded a high of 8,847.90.
The contract reversed lower from this level, but halted at 8,796.20 and bounced back. The inability of the contract to breach 8,800 levels today and its sharp reversal from the low of 8,726 on Tuesday, adds strength to its upward momentum.
The intraday outlook is bullish. A rise to 8,850 and 8,870 looks likely. Traders can go long with a stop-loss at 8,795 for the target of 8,865. Support for the contract is at 8,800 and a break below this level can mitigate the ongoing rally. In such a scenario, the Nifty futures contract can trend lower to 8,770 and 8,750.
Strategy : Go long with a stop-loss at 8,795
Supports: 8,800, 8,770
Resistances: 8,850, 8,870