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Nifty June Futures (8,121)
The Nifty futures contract is managing to hold above 8,100 after having reversed sharply higher from Thursday’s low of 8,056. The intraday outlook is bullish with strong support at 8,100.
Price action on the intraday chart suggests that the contract could sustain very well above this support and move further higher. A rise to test the next resistances at 8,150 and 8,170 looks likely today. A break above 8,170 will open the doors for the next target to 8,200.
Traders can go long. Stop-loss can be kept at 8,090 for the target of 8,165.
The contract will come under pressure only if it declines below 8,100. The next targets will be 8,085 and 8,050.
Strategy : Go long with a stop-loss at 8,090
Supports : 8,100, 8,085
Resistances : 8,150, 8,170
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