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Nifty October Futures (8,198)
The Nifty futures contract is hovering around 8,200 today. The contract opened with a gap-up at 8,226 and recorded a high of 8,247. Though it had reversed lower from the day’s high, the contract is not receiving any selling pressure below 8,200.
It is currently reversing after recording a low of 8,183. This reflects the presence of fresh buying interest in the market below 8,200. The contract can rise to test the resistance at 8,250 once again. A strong break above this resistance can take it higher to 8,285 and 8,300.
Traders can go long. Stop-loss can be kept at 8,170 for the target of 8,240.
Support for the contract is at 8,180. The contract will come under pressure if it falls below this support level. Such a fall can drag it lower to 8,150 and 8,120.
Strategy: Go long with stop-loss at 8,170
Supports: 8,180, 8,150
Resistances: 8,250, 8,285
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