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Nifty 50 September Futures (8,730)
The psychological support at 8,700 has held well for the index futures. The Nifty 50 futures contract opened with a gap-down at 8,710 and made a low of 8,706. However the contract has reversed higher from this low to make a high of 8,742 and is now hovering around 8,730.
A rise to test the the resistance at 8,750 looks likely. But whether the contract manages to rise past 8,750 or not will decide the next move.
A strong break above 8,750 can take it to 8,775 or even 8,800 there after. On the other hand, a reversal from 8,750 may drag it lower to 8,720 and 8,700. Further break below 8,700 will increase the likelihood of the fall extending to 8,670 or even lower levels.
Traders with high risk appetite can go long on a break above 8,750 with a tight stop-loss at 8,740 for the target of 8,775.
Supports : 8,720, 8,700
Resistances : 8,750, 8,775
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