Nifty January futures (8,226)

The nifty futures contract started the session with a gap up opening at 8,209. The contract has breached the key resistance at 8,200 and is currently trading above this level. As long as the contract trades above 8,200, its near-term stance for the session stays bullish. Trader with a short-term perspective can consider buying the contract on dips while maintaining a stop-loss at 8,195 levels. The contract can trend northwards to 8,235 and then to 8,250. Key resistance above 8,250 is placed at 8,270 levels.

On the downside, a decisive fall below 8,200 can bring forth selling pressure and pull the contract down to 8,172 and then to 8,150 levels. Next support is at 8,120.

Strategy : Buy on dips while maintaining a stop-loss at 8,195

Supports : 8,200 and 8,172

Resistances : 8,235 and 8,250

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