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Nifty February Futures (8,816)
The Nifty futures contract started the session on a positive note at 8,895 level. However, the contract encountered a key resistance at 8,900 levels and marked an intra-day high at 8,908, testing the key resistance levels. Subsequent selling pressure and profit taking dragged the contract down below 8,800 levels to record an intra-day low at 8,780. The contract is finding support in the band between 8,780 and 8,800 levels. An upward reversal is possible from this support band. Traders with short-term perspective should tread with caution and initiate fresh long position on a rally above 8,830 level with a stop-loss at 8,820 level. Such a rally can take the contract higher to 8,850 and then to 8,872 in the near-term. Next significant resistances are pegged at 8,900 and 8,925 levels.
On the other hand, failure to hold above the support band between 8,780 and 8,800, may experience selling pressure and pull the contact down to 8,750 and 8,720 levels.
Strategy : Fresh long position is recommended above 8,830 with a tight stop-loss at 8,820
Supports : 8,800 and 8,780
Resistances : 8,830 and 8,850
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