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Nifty March Futures (8,604)
On Tuesday, the Nifty futures contract opened the session on a negative note at 8,551. However, the bullish momentum that followed pushed the contract into positive territory and helped push the contract past key resistance at 8,600. After marking an intra-day high at 8,624, the contract has become volatile.
As long as the contract trades above 8,575 levels, the outlook will remain positive. Hence, traders with a short-term perspective should tread with caution and buy the contract with a fixed stop-loss at 8,580 levels.
The contract can re-test immediate resistance at 8,624 levels. A further rally will strengthen the uptrend and take the contract northwards to 8,650 levels and then to 8,670. Nevertheless, a strong fall below 8,580 levels will bring back selling pressure and pull the contract down to the 8,550 level. The next key supports are placed at the 8,525 and 8,500 levels.
Strategy: Buy with a tight stop-loss at 8,575
Supports: 8,575 and 8,550
Resistances: 8,624 and 8,650
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