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Nifty July Futures (8,530)
The outlook for the Nifty futures contract is bullish. The contract has surged from the intra-day low of 8,464, breaching the psychological 8,500-level. It is currently consolidating sideways in a narrow range of 8,530 and 8,545. A rise to test the 8,550 and 8,570 levels looks likely today. A further break above 8,570 can take the contract higher to 8,600 or even 8,630.
Traders can go long. Stop-loss can be kept at 8,505 for the target of 8,565.
Immediate support is at 8,525. A break below it can drag it to 8,500 during the day. However, the contract will come under pressure only if it declines below 8,500. Such a break can take it lower to 8,480 and 8,450 thereafter.
Strategy: Go long with stop-loss at 8,505
Supports: 8,525, 8,500
Resistances: 8,550, 8,570
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