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Nifty February Futures (8,794)
After a negative start at 8,764, the Nifty futures climbed to encounter a key resistance around 8,808 levels. And the contract is hovering in the positive area testing the key resistance level of 8,800 levels. The short-term trend is up for the contract. Traders with a short-term perspective can buy the contract at current levels with a stop-loss at 8,776. A decisive rally above 8,800 levels will pave the way for an up move to 8,830 and then to 8,850 in the near term.
On the downside, a strong fall below the 8,750 will have a bearish implication and pull the contract down to 8,730 and 8,700 levels. On such a decline, traders should exit their long position and stay on the sidelines.
Strategy : Go long with a stop-loss at 8,776
Supports : 8,765 and 8,750
Resistances : 8,830 and 8,850
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