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Nifty April Futures (8,825)
The Nifty futures contract has begun the week on a strong note. The bullish outlook remains intact. The inability to extend its fall below 8,800 and the sharp reversal from the intraday low of 8,790.3 suggests that fresh buying interest is coming into the market at around the psychological 8,800 levels. The contract can rise to 8,850 and 8,870 during the day which are its next significant resistance levels.
Traders can go long with a stop-loss at 8,790 for the target of 8,870. Intraday dips to 8,800 if seen can be used to accumulate long positions.
The outlook will turn negative only if the contract breaks below 8,800. The ensuing targets on such a break will be 8,785 and 8,760. However, the price action on the charts suggests that such a fall is unlikely.
Strategy : Go long with a stop-loss at 8,790
Supports : 8,800, 8,785
Resistances : 8,850, 8,870
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