Nifty 50 March Futures (7,648)
The Nifty 50 futures contract opened the week on a positive note.
The gap up opening today at 7,623 has broken two weeks of sideways consolidation trade between 7,400 and 7,600. The contract has come off slightly from the intraday high of 7,667.
Immediate support is around the current levels at 7,645. Subsequent key intraday supports are at 7,620 and 7,600. A rise to 7,700 looks likely at this juncture.
Traders with a short-term perspective can go long. Stop-loss can be kept at 7,615 for the target of 7,690. Accumulate long positions if the contract dips to 7,620 during the day.
Outlook for the index futures will turn negative only on a strong fall below 7,600. But such a fall looks unlikely.
Strategy : Go long with a stop-loss at 7,615
Supports : 7,620, 7600
Resistances: 7,670, 7,700