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The Nifty 50 futures contract opened with a gap-up and made a high of 8,221. However, the contract failed to sustain the upmove and came off from its highs, trading below 8,200 at this juncture.
Immediate support is at 8,170 which is holding up for now. A strong rally above 8,200 is needed for the contract to gain momentum. Such a rise can take the index futures higher to 8,230 and 8,250.
Traders with a short-term perspective can wait for a break above 8,200 and go long with a stop-loss at 8,185 for the target of 8,230.
On the other hand, if the contract declines below 8,170, a fall to 8,145 is possible. Further break below 8,145 will increase the danger of the contract testing 8,100 on the downside.
Strategy : Go long on a break above 8,200 with a stop-loss at 8,185
Supports: 8,170, 8,145
Resistances : 8,200, 8,230
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