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Nifty July Futures (8,420) The outlook for the Nifty futures contract is bullish. The sharp reversal from Monday’s low of 8,191 is gaining momentum. The contract had opened at 8,370 today and surged to a high of 8,439. The reversal from this intraday high found support near the psychological 8,400 level and the contract is bouncing back again. A break above resistance at 8,440 can take it higher to 8,460 and 8,480 during the day.
Traders can go long. Stop-loss can be kept at 8,390 for the target of 8,465.
Immediate support for the contract is at 8,400. A break below this level can drag the contract lower to 8,370. The downside pressure will increase only if the contract breaks and extends its fall below 8,370. But such a sharp fall looks unlikely at the moment.
Strategy: Go long with a stop-loss at 8,390
Supports: 8,400, 8,370
Resistances: 8,440, 8,460
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