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Nifty January Futures (8,618) The Nifty futures contract is trading on a positive note. It opened higher at 8,591.25 and has risen to a record a high of 8,627.1 so far. The intra-day resistance at 8,630 is holding well as of now and is limiting the upside. However, the overall outlook is bullish.
The key intraday support is at 8,590. A dip to this level is expected to attract fresh buying interest in the market.
As long as the contract trades above 8,590, a break above 8,630 is likely. Such a break can take the contract higher to 8,670 during the day.
Traders can go long at current levels. Stop-loss can be kept at 8,580 for the target of 8,665.
The intraday outlook will turn negative only if the Nifty futures contract declines below 8,590. The next target will be 8,545.
Strategy: Go long with a stop-loss at 8,580
Supports: 8,590, 8,555
Resistances: 8,630, 8,670
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